Frederick's of Hollywood Files for Bankruptcy
Frederick's of Hollywood filed for bankruptcy protection Sunday with a $22.5 million offer in hand from Authentic Brands Group, LLC. The agreement with Authentic Brands means the lingerie chain will continue only as an online business, unless a rival steps forward that agrees to reopen the stores. None appeared in the efforts to find a buyer that preceded the bankruptcy, court papers say. If any competing bids are received, Frederick's is planning a May 28 auction, with Authentic Brands as lead bidder.