Teen clothing retailer Delia’s Inc. has filed for bankruptcy as of Dec. 8. According to ABC, the company failed to find a buyer for the business and will be forced to eliminate all of its merchandise. Delia’s stated that it has $74 million in assets and $32.2 million in debt.

CEO Tracy Gardner and chief operating officer Brian Lex Austin-Gemas resigned this past Friday. The famous brand specifically filed for Chapter 11 bankruptcy protection before signing a deal with Hilco Merchant Resources LLC and Gordon Brothers Retail Partners to liquidate all of its merchandise.

According to The Guardian, Jerry Reisman, a partner and retailing/bankruptcy law expert at Reisman, Peirez, Reisman & Capobianco, said: “Delia’s Chapter 11 bankruptcy filing just before Christmas is a smart move by the teenage retailer and its lenders. By filing for bankruptcy protection and liquidating just before Christmas, it will be able to clear out its merchandise and inventory during the busiest shopping time of the year when all customers will be looking for a bargain.”

Retailers have been hit hard in the wake of recession, especially those that gratify teens. Stock in American Eagle Outfitters Inc. has fallen 20 percent in the past 12 months and Urban Outfitters Inc. is down more than 13 percent. The worst is Abercrombie & Fitch Co. and Aeropostale Inc., though, with their shares respectively falling 22 percent and 73 percent.

The Delia’s brand was founded in 1993. Started by two Yale University students, the company became extremely popular, and they were acquired by Alloy Inc. in 2003. Delia’s had a database of over 20 million customers.