Frederick's of Hollywood shuttering 31 stores

Lingerie retailer Frederick’s of Hollywood is reportedly closing at least 31 of its 93 stores as part of a broader re-engineering effort.

According to the Wall Street Journal, Great American Group is overseeing liquidation sales at 31 stores, including the flagship location in Los Angeles. The number of stores to be shuttered may rise slightly.

Frederick’s is working with Consensus Advisors to explore strategic options, although currently the retailer intends to operate its remaining stores and e-commerce site. Consensus has been advising Frederick’s since the company took a $24 million loan from Salus Capital Partners in 2012.

Frederick’s of Hollywood previously filed for bankruptcy in 2000, went public in 2006, and went private again in December 2013. Buyers led by the Harbinger Group took the retailer private in 2013 as part of a deal that valued Frederick’s at roughly $11 million. Even then, the company had been struggling to compete with top-selling lingerie brands such as Victoria’s Secret, which led to a string of quarterly losses.

WSJ notes that the going-private deal did not work out all that well for Harbinger, which recently said it wrote off more than $60 million on the transaction.