Destination Maternity has filed for bankruptcy

An American maternity wear retailer filed a petition for bankruptcy with the Court. The petition was filed for multi-million dollar debts and significant competition.

According to the filed bankruptcy petition, Destination Maternity’s assets are $260 million and its liabilities are $244 million. According to the latest 2018 report, the company suffered a loss of $14.3 million on sales of goods worth $383.8 million.

The company has more than 3,000 employees and 458 stores in the United States. In addition, it has stores around the world.

Destination Maternity is currently looking for a new owner, but does not rule out the possibility that in the absence of volunteers it will be forced to carry out liquidation.

Source: www.cnbc.com/2019/10/21/destination-maternity-plans-bankruptcy-that-could-come-within-weeks.html