The Sandpoint, Idaho, company filed Chapter 11 in federal bankruptcy court in Delaware.
It has $278.5 million in assets and $361.3 million in debt, the filing indicated. The company employs 339 people at its corporate headquarters and 5,500 throughout the rest of its system, which includes 334 retail stores, 31 outlet stores and seven day spas.
The company spent the last six months with advisors “engaged in a thorough analysis of all potential alternatives” but couldn't find a buyer or another source of capital, it said in a statement.
The stores plan to feature deep discount days for its one of its busiest shopping periods of the year, Mother's Day.
[Los Angeles Times]