Aéropostale Inc. is preparing to file for bankruptcy protection this week and close more than 100 stores as the teen-apparel retailer contends with mounting losses and falling sales, MarketWatch.com reported yesterday. New York-based Aéropostale plans to seek chapter 11 protection in the next few days before May rent payments are due. It is in advanced talks with specialty lender Crystal Financial LLC on a loan to finance its operations in bankruptcy. The retailer would close more than 100 of its roughly 800 stores soon after filing and potentially more later. The company plans to reorganize around its remaining stores, but the precise contours of its restructuring plan remain unclear. Read more.
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