Ashley Stewart Files for Chapter 11 Bankruptcy ProtectionAshley Stewart, a plus-sized clothing retailer, has filed for Chapter 11 bankruptcy protection. The retailer will also be closing 27 stores. Crain's New York reports that the company says it could sell a "substantial amount" of its assets during the restructuring.
Michael Abate, senior vice president of finance for Ashley Stewart, said in a statement, "This filing was a necessary step to get Ashley Stewart positioned on the right path for success. Unfortunately this will mean the closing of 27 underperforming stores throughout the country which are not strategically aligned with the going-concern business."
The New York Post reports that Avenue, another plus-size retailer, is looking into locations that Ashley Stewart may be selling.
Posted on March 11, 2014