July 11 (Bloomberg) -- Love Culture Inc., a women’s-wear retailer with more than 80 stores, is preparing to file for bankruptcy in a New Jersey court, according to three people with knowledge of the matter.
The chain will seek to continue operations and sell itself as a going concern, said two of the people, who asked not to be identified because the process is private.
Jenny Rim, general counsel for the Los Angeles-based company, declined to comment.
Love Culture was founded in 2007 by Jai Rhee and Bennett Koo, former executives at fast-fashion retailer Forever 21, with the aim of selling affordable style to young women. Its website features items such as a black chiffon maxi dress for $35 and a $30 fringed chevron-patterned romper.
The past several months have been rough for women’s apparel retailers as still-cautious consumers pared spending. Coldwater Creek Inc., Dots LLC, Ashley Stewart Holdings Inc. and Loehmann’s Holdings Inc. all filed for bankruptcy protection since late last year.
Lowenstein Sandler LLP and New York-based PricewaterhouseCoopers LLP are representing the company, according to the people. Boston-based Consensus Advisors is also advising Love Culture, two of the people said.
Caroline Nolan, a spokeswoman for PricewaterhouseCoopers, declined to comment. Spokeswomen at the other firms didn’t immediately respond to requests for comment.
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