Dots Joins Clothing Retailers Filing for Bankruptcy
Dots LLC, the 400-store clothing chain for young women, filed for bankruptcy protection, blaming prior management, the economy and leases that cost too much. The company, founded 27 years ago outside Cleveland, has arranged to borrow $36 million to keep operating as it reorganizes under court protection and implements a new merchandising strategy, according to an emailed statement. Regional clothing chains have had a difficult time competing with bigger companies such as TJX Cos. and Hennes & Mauritz AB. Loehmann's, the New York-based discount fashion retailer, filed for bankruptcy last year and is liquidating its assets.