The Wall Street Journal reported Frederick’s of Hollywood filed for bankruptcy protection Sunday with a $22.5 million offer in hand from Authentic Brands Group, LLC. Stores that weren't liquidated earlier this year shut down suddenly last week as part of the preparation for the bankruptcy.

According to The Wall Street Journal report, the agreement with Authentic Brands means Frederick’s will continue only as an online business, unless a rival steps forward that agrees to reopen the stores. The business will continue online throughout the bankruptcy, which is designed to hand the operation into new hands and wrap up Frederick’s affairs, according to the report.

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