Frederick’s of Hollywood, long noted for its intimate apparel offerings, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Central District of California.
The Hollywood, CA-based cataloger and retailer will continue to operate its businesses during the debt-restructuring period. The company also said that it has received financing commitments from Ableco Finance LLC. The money will be used to fund operations and to purchase inventory.
“We have worked for 55 years to build this company into an internationally known brand, we’re not going to let it dwindle away,” said chief executive officer Linda LoRe in a statement. “We will do everything we can to preserve this incredible brand that was built by Frederick Mellinger and to reclaim a large share of the intimate apparel market.”
Under the reorganization, LoRe will continue in her position as president and CEO, and James Skelton, a principal of Crossroads LLC, will become chief operating officer and will be responsible for managing the bankruptcy process.
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