Reuters reports that according to court documents, the Deb Shops retail chain filed its second bankruptcy in less than four years on Dec. 4 and said it may conduct a going-out-of-business sale at its 295 stores that specialize in teen and young women's fashion.

Deb Stores Holding LLC, which is controlled by private equity firm Cerberus Capital Management, said it would seek a buyer of the business. If no buyer emerged, it planned to call in the liquidators, according to filings with the U.S. Bankruptcy Court in Wilmington, Delaware.

Philadelphia-based Deb Shops operates in 44 states, primarily along the East Coast and in the Midwest. The company employs 4,000 full-time and part-time employees, according to court documents.

The Reuters article further notes Deb Stores retained investment bank Houlihan Lokey in October to find a buyer, and while none were found, Robertson said in court papers the company remains hopeful for a rescue sale to keep the chain operating.

Deb Shops also filed for bankruptcy in 2011, and sold the business to its lenders who converted what they were owed into ownership. Those lenders included Cerberus Capital Management, Guggenheim Partners and Credit Suisse Securities USA LLC and Lee Equity Partners.

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