Destination Maternity Corp. filed for chapter 11 protection and plans to close about 210 underperforming locations, bowing to declining sales brought on by online competition, changing consumer behaviors and falling pregnancy rates in the U.S., WSJ Pro Bankruptcy reported. The mall-based retailer listed $260 million in assets and $240 million in debts in a filing Monday with the U.S. Bankruptcy Court in Wilmington, Del. The Moorestown, N.J.-based company plans to start store-closing sales at 148 locations this week, pending court approval, and expects to shut them down by the end of the year. Over the past five years, revenue at Destination Maternity has declined by almost one-third. In a declaration filed in bankruptcy court, interim Chief Executive Lisa Gavales blamed its troubles on decreased store traffic, maternity clothing competition, shifting clothing styles, declining birthrates, high rent and leadership turnover.
