Report: The first retail bankruptcy of 2017 could be…

Limited Stores LLC is planning to file for Chapter 11 bankruptcy protection within weeks, Bloomberg reported, and will most likely liquidate its business.



The news comes not too long after the departure of two top executives from Limited, which operates about 240 stores nationwide. Diane Ellis stepped down as CEO in the fall to become the chief executive of Chicos FAS Inc. John Buell, Limited CFO was named interim CEO in her absence. But he left in December to become CFO at apparel retailer Altar’d State.



It’s been a rough year for apparel retailers, particularly those that target younger consumers. Pacific Sun, Aéropostale, and American Apparel all filed Chapter 11 this year.



Also, earlier this month Limited started laying off employees at its headquarters in New Albany, Ohio.



Limited was spun off by L Brands Inc. in 2007 in a leveraged buyout by private-equity firm Sun Capital Partners Inc.



According to the Bloomberg report, The Limited will try to emerge as a going concern after bankruptcy.