Aeropostale set to close 113 stores after filing for bankruptcy

After three years of falling sales, teen fashion retailer Aeropostale filed Chapter 11 bankruptcy protection today and expects to close 113 of 800 stores.
 
Amid competition from other retailers like Forever 21, Uniqlo and H&M, Aeropostale’s sales fell 6.7 percent during the holiday quarter, according to Fortune.
 
Last month, the company’s stock was delisted from the New York Stock Exchange after trading below $1 since August. The company’s current market value – $30 million – is 1 percent of its $3 billion peak in 2010.
 
With the filing, Aeropostale joins a list of mall-centric retailers that have recently declared bankruptcy, including Quicksilver, Sports Authority and Pacific Sunwear.
 
Read more from Fortune.