Perfumania, a retail and wholesale company that bills itself as the largest fragrance retailer in the country, filed for Chapter 11 bankruptcy in federal court on Saturday. The company said in a press release that it planned to recapitalize and reduce its store count to “better align with current consumer shopping patterns,” “increase investments in its e-commerce business,” and to ultimately emerge as a private company.
Management has already identified stores that are “core to the company’s ongoing operations,” which will continue operating on emerging from bankruptcy. The Wall Street Journal reported that the company plans to close 64 of its existing 226 stores.. . . more