Delia*s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," becoming the second teen retailer to go out of business in as many days.Delia*s announcement wiped out more than 85 percent of the company's market value on Friday.Teen and young women's fashion chain Deb Shops, which is controlled by private equity firm Cerberus Capital Management , filed for its second bankruptcy in less than four years on Thursday and said it would seek a buyer.Several teen apparel retailers have been losing market share to fast-fashion brands such as H&M, Forever 21 and Inditex's Zara, which bring the latest styles from the runway to their stores within weeks.
dELiA*s, Inc. is a retail company comprised of two lifestyle brands primarily targeting teenage girls and young women. Shares of DLIA fell by 85.46% or $-0.0999/share to $0.02. In the past year, the shares have traded as low as $0.08 and as high as $1.35. On average, 1850330 shares of DLIA exchange hands on a given day and today's volume is recorded at 34318840.
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