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All 120 Anchor Blue stores—the California-based teen retailer—will close, reports WWD. Fans of the chain may have noticed the steep discounts and promotions the company has been running since June 2009, when they first declared bankruptcy.
The troubled teen retailer survived a three-month stay in bankruptcy, beginning in June 2009, and a series of downsizing moves, but found itself at a loss to compete in an increasingly promotional youth retail market. In an effort to work down inventories and generate cash, it had been running “buy two, get two free” promotions for much of the holiday season. Anchor Blue also had been among a series of retailers operating stores with large amounts of empty space within its walls and concentrating its inventory in the remaining square footage.· Sun Capital Shuts Down Anchor Blue Operations [WWD]