Yes Clothing Files Chapter 11 Bankruptcy

Yes Clothing Co. filed for bankruptcy court protection in Los Angeles after the apparel company ran short of cash amid sliding sales. The Los Angeles-based clothing maker said it filed its Chapter 11 petition last month in U.S. Bankruptcy Court. The filing allows it to stop paying creditors while it reorganizes its finances. Yes suspended operations in July after its lines of credit were shut off amid a cash crunch, company officials said in securities filings in December. The company’s sales have slumped for years. At one point in 1996, Yes officials had reported losses in 10 consecutive quarters. In the securities filing, Yes executives said the company lost $2.2 million, or 32 cents a share, in the six-month period ended September 1997. That was double the loss in the same period in 1996.