No CreditFrederick’s of Hollywood, which has been in business for nearly 70 years, has filed for bankruptcy.
Fred Mellinger started the store, and is credited with inventing the push-up bra, called “The Rising Star.”
Its cups are no longer running over.
Lingerie company Frederick’s of Hollywood, which has been selling lacy push-up bras, naughty knickers and other ladies’ unmentionables for nearly 70 years, has filed for bankruptcy.
The Los Angeles-based company cited sagging sales and increased competition from such ribald retail rivals as Victoria’s Secret for its decision to seek Chapter 11 protection against its creditors.
Frederick’s didn’t exactly go bust, though — in a bankruptcy court filing in Delaware, the company said it had reached a deal to sell its online operations and inventory to Authentic Brands for $22.5 million plus a 25% stake in future revenue.
PRNThe company cited sagging sales and increased competition from such ribald retail rivals as Victoria’s Secret as the reason for declaring bankruptcy.
According to court papers, the company has $36.5 million in assets but is $106 million in debt.
Fredericks’ had alerted customers on its website Friday that it was shutting down all of its 94 physical stores and would only sell products online.
Founded in 1947 by Frederick Mellinger, who’s widely considered the inventor of the first push-up bra — dubbed “The Rising Star” — Frederick’s opened its first store on Hollywood Boulevard and was soon catering to Tinseltown celebrities and California housewives alike.
The retailer, which was taken private last year, had more than 200 stores nationwide in its heyday.