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.

Frederick's of Hollywood, a purveyor of racy women's lingerie for almost seven decades, is reportedly shedding one-third of its 93 stores. The Los Angeles-based retailer has hired liquidator Great American Group to help wind down operations for at least 31 of its stores, which will close in the coming months, The Wall Street Journal reported on Thursday. Bill Soncini, Frederick's chief operating officer, told WSJ that the number of store closings could increase slightly. The company will shutter its flagship store in Hollywood in April.

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