Carlsbad apparel company No Fear Retail Stores Inc., which soared to popularity in the 1990s with catchy slogans such as "Losing is not an option," has filed for bankruptcy protection.
No Fear, which has 41 stores in California, Arizona, Nevada and four other states, said in a news release that it had been hammered by the "state of the economy and the difficult operating environment within our industry."
In the months leading up to Thursday's bankruptcy filing in San Diego, the company had been sued by numerous shopping malls for falling months behind in rent for its retail stores.
The bankruptcy filing will allow the company to reorganize its finances while it continues to remain in operation, said Mark Simo, the company's chief executive. The company has closed some stores in an effort to reduce costs, but intends to operate its remaining outlets during the reorganization.