Apparel retailer Appleseed’s Intermediate Holdings has filed for bankruptcy protection amid rising debts and falling revenues.

According to the company’s Chapter 11 filing, it has estimated assets in the region of US$100-500m, but liabilities of $500m-1bn, and more than 4,000 employees.

The business is aiming to continue as a going concern after negotiating with its creditors, and hopes to use Chapter 11 to enable it to reduce its debts.

But one of the options open under the filing is the sale of all of the company’s assets.