Ladies' wear retailer Casual Corner is to shut or sell off all of its 525 stores across the US and Puerto Rico.

Casual Corner, Casual Corner Annex and Petite Sophisticate stores will start closing sales this Friday, the company said.

The business will explore future alternatives for its stores, which may include continued trading for the Casual Corner and Petite Sophisticate divisions, should a suitable investor be found.

1950-established Casual Corner presently employs more than 9,000 people. The company was sold by Retail Brand Alliance to Gordon Brothers Group this summer.