The Limited store at Regency Mall in Racine will close Wednesday and the women’s retail chain is planning to file for bankruptcy within weeks, leaving the future of its remaining stores uncertain.
Representatives at The Limited stores at both the Mayfair Mall and Brookfield Square locations said they have not been told if their stores will close.
The Limited was one of the original stores at Regency Mall when it opened in 1981. Last week, Augusta, Ga-based Hull Property Group purchased the mall for $9.6 million from Chattanooga, Tenn.-based CBL & Associates Properties, Inc. Representatives from Hull Property are promising changes at the struggling shopping center.
According to a report from Bloomberg, Columbus-Ohio-based Limited Stores will most likely liquidate its business. The company was spun off in 2007, in a leveraged buyout by private-equity firm Sun Capital Partners Inc. The chain has struggled like other mall-based retailers as consumers shift spending habits.
The company will continue to try to sell its assets after a possible bankruptcy filing to emerge as a going concern, according to Bloomberg.
Limited Brands and Sun Capital declined to comment.
