US: Bakers Footwear starts liquidation sales
The liquidation will see the closure of 70% of the retailer's Bakers and Wild Pair stores
More than US$30m worth of inventory from 150 stores operated by Bakers Footwear Group is being sold off after the retailer filed for Chapter 11 protection last month.
The liquidation is being handled by Tiger Capital Group and SB Capital Group, and will see the closure of 70% of the mall-based retailer's Bakers and Wild Pair stores.
The debt-laden retailer filed for Chapter 11 bankruptcy protection after falling sales pushed the company to default on its credit line.
It has also emerged that St Louis-based Bakers Footwear has received financing commitments to "continue operating the remaining 63 stores in hopes of reorganising around a smaller business," according to Jim Thieken, senior vice president at SB.
However, "if such a refinancing does not occur, Tiger Group and SB Capital would then liquidate the inventory in those locations."
- Sourcing in Africa: An alternative to Asia?
- Capacity building key to Myanmar momentum
- Apparel buyers point to potential in Africa
- Sourcing in Africa: Foreign investment flows in
- Cotton “too diverse” for fixed sustainability plan
- SOURCING: Global sourcing snapshots launch
- VF Corp lifts outlook despite Q1 profit fall
- Garment group reiterates labour rights commitment
- Living wages briefing urges strategic approach
- Cotton stocks outside China to keep prices low