U.S. teen apparel chain Styles for Less files for bankruptcy protection

The struggling American fashion chain filed for Chapter 11 bankruptcy Tuesday. The company is expected to try to shed debt and reemerge from bankruptcy as a healthier company.

Market sources point out that Styles for Less is trying to shield itself from the mall retailers’ malaise by filing for court protection from its creditors in the U.S. Bankruptcy Court Central District of California.

The California-based retailer cited a range of 10 million to 50 million dollars in assets and the same range of liabilities.

In the court filing, the retailer blamed several factors for its bankruptcy, including industry discounting, digital threats and the rise of fast-fashion competitors. The company said it had already closed 55 stores, laid off 311 employees, cut salaries and slashed expenses in a turnaround bid.

Styles has 93 stores and more than 613 employees in California, Nevada, Arizona, Texas and Florida, according to a court filing.