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Papaya Clothing Files for Chapter 11

Fast-fashion teen retailer operates 80 stores

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Cornerstone Apparel (Commerce, Calif.), which does business under the name Papaya Clothing, has filed for Chapter 11 bankruptcy protection.

Tae Yi, president, secretary and cfo, attributed its financial troubles to the 50 new retail stores that were opened in the last six years, according to Women’s Wear Daily.

The teen retailer operates 80 stores in California, Florida, Texas, Maryland, New Jersey, New York, North Carolina and Virginia, with 1300 employees and annual revenues of more than $134 million.

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