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."
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