US: Bankruptcy court OKs Footstar's reorganisation plan
Shoe retailer Footstar Inc has had its Chapter 11 reorganisation plan confirmed by the US Bankruptcy Court - and should emerge from bankruptcy on Monday 6 February.
According to Dow Jones Newswires, the bankruptcy plan will see Footstar reorganise around its Meldisco unit, which generates more than 90% of the company's revenue from sales at Kmart stores. Meldisco has signed an agreement to continue selling shoes in Kmart stores until 2008.
The plan also gives general unsecured creditors full payment on their debts.
West Nyack, NY-based Footstar filed for Chapter 11 protection on 2 March 2004. It has since sold 350 of its Footaction USA stores to Foot Locker Inc for $160m and closed 88 Just For Feet outlets.
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