Perfumania Filing For Bankruptcy And Closing Some Of Its Stores

A mall staple best known for being the store where you get the less expensive perfume is shutting down some of it's stores. You know the store I"m talking about - the only perfume spot where a $200 regularly priced bottle of perfume is $19.99. :)

The word is Perfumania is closing stores and filing for bankruptcy.

In case you didn't know, Perfumania Holdings (PERF) sells discounted perfumes from high-end brands, such as Dolce & Gabana and Burberry. According to bankruptcy court filings, it filed for Chapter 11 bankruptcy on Saturday and plans to close 64 of its 226 stores. And it's taking the company private as part of its reorganization.

Now all is not lost with Perfumania as it says it will stay open for business. The company hopes bankruptcy will give it some time to  renegotiate its leases and focus on high-performing stores.

Perfumania also plans to focus on boosting its online sales to offset its losses.