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."
- Improved supplier capabilities benefit Next
- China and Vietnam lead US apparel imports in July
- THE FLANARANT: Understand win-win or lose out
- Next H1: What the analysts say
- Abercrombie & Fitch to lose logos in fashion focus
- Brandix selects first "game-changing" innovations
- Bagir to invest in Ethiopia as H1 loss deepens
- TPP talks "make progress" but issues remain
- US cotton production set to decline
- Hanesbrands axes Costa Rican jobs in Vietnam move
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details