Perfume wholesaler and retailer Perfumania Holdings and 18 affiliated debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware.

The filing was initiated to “reduce its retail store count to better align with current consumer shopping patterns, increase investments in its e-commerce business and become a privately-held company.”

Perfumania Holdings received a commitment for up to approximately $84 million in debtor-in-possession financing from Wells Fargo, its existing lender, which is expected to be replaced by a $100 million exit facility upon emergence from Chapter 11. The exit facility will provide liquidity support, though the company noted it has sufficient liquidity to fund operations.

Michael Katz, Perfumania Holdings’ president and CEO, said, “This process will allow us to more quickly adapt to the shift in consumer shopping habits by focusing more of our resources on implementing our e-commerce strategy, making Perfumania a stronger and more competitive company.”