Styles for Less Files for Bankruptcy

Styles for Less (Anaheim, Calif.) has filed for Chapter 11 bankruptcy as a way to shed debt and improve the health of its company, according to USA Today.

The company is attributing its need for bankruptcy to factors including industry discounting, digital threats and the rise of fast-fashion competitors. This comes after the company has already closed 55 stores (it currently operates 93 locations), laid off 311 employees, cut salaries and reduced expenses.

The brand plans to continue operating, post-bankruptcy, and did not detail any plans to close any additional stores.