Young women’s apparel retailer files Chapter 11

A decades-old apparel retailer finds itself no longer in fashion, undone by fast-fashion competition and a lack of e-commerce expertise.



Joyce Leslie filed for Chapter 11 bankruptcy court protection in White Plains, New York, and is a likely candidate for liquidation, Women’s Wear Daily reported. The chain, founded in 1945, operates 47 stores throughout the Northeast.



The company is looking to find a “going-concern” buyer, but if it cannot, it will begin liquidation sales in early February through an agreement with SB Capital Group, Tiger Capital Group and 360 Merchant Solutions, the report said.



Sales at Joyce Leslie have been on the decline for the past several years. At the end of January 2012, the posted $104 million in sales, which dropped to $98 million in January 2013. It expects to post annual sales of $63 million for the fiscal year that ends in January 2016, Women’s Wear Daily said.