Deb Shops Files for Bankruptcy

Teen retailer Deb Shops has filed for bankruptcy protection and is taking steps to liquidate if it can't find a buyer, according to court documents filed Thursday. This is the second time the Philadelphia-based business, which operates 295 stores, has sought bankruptcy protection. The company also filed for Chapter 11 in 2011. Court documents say Deb Shops has about $90.5 million in assets and $120.1 million in liabilities. The latest revenue figures for the company show sales of about $205 million as of Nov. 1, 10 percent less than last year.