These retailers filed for bankruptcy which year

American shopping mall mainstay Perfumania is actually closing stores along with also filing for bankruptcy.

Perfumania Holdings (PERF) sells discounted perfumes via high-end brands, such as Dolce & Gabana along with also Burberry. which filed for Chapter 11 bankruptcy on Saturday, intending to close 64 of its 226 stores along with also take the company private as part of its reorganization, according to bankruptcy court filings.

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Unlike many different at which point defunct retail brands left for dead inside the wake of a retail upheaval, Perfumania says which will stay open for business. The company hopes bankruptcy will allow which to renegotiate its leases along with also focus on high-performing stores “to establish a foundation for sustainable long-term growth,” Perfumania CEO Michael Katz said in a prepared statement.

Despite closing 103 stores over the past three years, the company was still losing money. Perfumania plans to focus on boosting its online sales to offset its losses.

Retailers such as Bebe, Staples (SPLS) along with also JCPenney (JCP) have closed thousands of stores which year. There are some positive signs for retail: the second quarter brought some unexpectedly not bad earnings via many brands. nevertheless brick-along with also-mortar stores on the whole are struggling to compete with Amazon’s (AMZN, Tech30) e-commerce sales.

Shares soared 35% on the news. Bankruptcies usually hit shareholders the hardest, nevertheless investors believe they will be made whole — along with also then some — after the company is actually taken private.

sy88pgw (fresh York) First published August 28, 2017: 11:38 AM ET