Limited Stores Plans for Ch 7 Bankruptcy Liquidation

Limited Stores has decided to file for Chapter 7 bankruptcy liquidation.  Limited has owned Victoria's Secret (Victoria's Secret Beauty), Lane Bryant, Henri Bendel, Lerner, Abercrombie & Fitch (1988 - 1996), Express, Limited Too (renamed Justice in 2008), Bath & Body Works (in 1998 stores were converted to The White Barn Candle Company), and Structure.

Kirkland & Ellis was hired as the company's attorney.  To help with debt restructuring and asset sales Guggenheim Securities and RAS Management Advisors have been hired.

Sun Capital Partners Inc. purchased the company in 2007.  Mall-based retailers have struggled as consumers shift spending to experience and ecommerce rather than clothing. 

The company plans to sell its assets to pay creditors in bankruptcy proceedings.

John Buell, the company's interim chief executive officer since October, departed this month to become chief financial officer at apparel retailer Altar'd State. Diane Ellis, his predecessor as Limited's CEO, left the company in early Nov.

(by Jodi Xu Klein and Lauren Coleman-Lochner) https://www.bloomberg.com/news/articles/2016-12-20/limited-stores-said-to-prepare-for-bankruptcy-by-hiring-advisers 

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