Specialty apparel retailer files Chapter 11

Limited Stores has taken another step in the liquidation process it started in December.



The women’s apparel retailer announced on Tuesday it has filed for Chapter 11 bankruptcy protection. The chain also said it agreed to a "stalking horse" bid for its intellectual property and some related assets from an affiliate of private equity firm Sycamore Partners.



The ultimate outcome of the filing and any asset sale is subject to the oversight and approval of the Bankruptcy Court. Sycamore Partners has more than $3.5 billion in capital under management and specializes in retail and consumer investments.



The move comes a little over a week since the company closed its approximately 250 stores nationwide. The retailer has also closed its e-commerce site.