Delia's to liquidate, file for Chapter 11

Teen retailer Delia’s Inc. plans to liquidate operations and file for Chapter 11 bankruptcy protection "in the very near term."

The company has struggled with weak sales for years and has not reported an annual profit since 2007.

Several teen apparel retailers have been losing market share to fast-fashion brands such as H&M, Forever 21 and Zara.

Delia'sannounced in September that it was conducting a strategic review and said Friday that it is making these moves after being unable to find a merger partner, or get an acquisition or financing proposal.

Delia’s also has entered into an agreement with Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, to, among other things, liquidate furnishings, trade fixtures, equipment and improvements to real property with respect to the company’s stores.

The company anticipates that it will file for Chapter 11 bankruptcy and will seek the court’s approval to close all existing stores and distribution centers and to conduct store closing and going-out-of-business sales.