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Retailer Delias to liquidate operations
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NEW YORK (AP) — Delia’s said Friday that it plans to liquidate its stores and file for Chapter 11 bankruptcy protection.The company has struggled with weak sales for years and has not reported an annual profit since 2007. It announced in September that it was conducting a strategic review and said Friday that it is making these moves after being unable to find a merger partner, or get an acquisition or financing proposal.Delia’s, like many other teen retailers, has failed to thrive in a changing retail environment. Teenage shoppers are going to the mall less and when they do, are opting to shop instead at fast-fashion stores like H&M and Forever 21.The company is not alone in its troubles.