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twitterFrederick’s of Hollywood in Chapter 11
Wednesday, July 12, 2000 | 11:06 a.m.
THE ASSOCIATED PRESS
LOS ANGELES -- Frederick's of Hollywood, famous for its naughty nighties and push-up bras, says it will continue operations under Chapter 11 bankruptcy protection.
The lingerie company said it plans to keep its nearly 200 stores and its catalog and Internet sales in operation while it reorganizes. It filed in federal court for protection on Monday, citing nearly $55 million in debts.
Frederick's share of the lingerie business has been stagnant recently, with retail, catalog and Internet sales revenue reaching about $140 million in the fiscal year ending July 31. Competitor Victoria's Secret had sales of $2.1 billion in 1999, and chains such as Wal-Mart and Target have grabbed nearly half of the lingerie market.
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