Internet and catalog retailer Lillian Vernon has filed for bankruptcy protection in Delaware amid declining sales and rising costs.
The move came a few days after the Virginia Beach-based company laid off half of its year-round work force. The company sells discounted goods.
An affidavit from the company’s chief financial officer said the company has faced decreasing sales over the past decade and has been unable to secure additional financing. The company is exploring whether to liquidate its assets or sell the company.
Shaper Image also filed for bankruptcy protection. Amid a weakening economy and slowing consumer spending, the moves could mean more bankruptcy filings from retailers in the next few months.
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