 On December 5, 2014, it announced that it had filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York, and would be liquidating all 95 stores.Shortly after, its shares fell more than 80% to $0.02.Steve Russo of Fab/Starpoint acquired the brand for $2.5 million, and in August 2015, re-opened the store with an online-only presence, but this was unsuccessful.