Bakers Footwear Group has hired Great American Group to liquidate inventory at the retailer's 56 remaining stores and online. 

The move comes after a bankruptcy judge on 15 January signed a Chapter 7 order allowing Bakers Footwear Group to conduct going-out-of-business sales.

The footwear retailer abandoned plans to restructure its business earlier this month. The group operated 236 stores in the US before filing for Chapter 11 bankruptcy last October due to declining sales.

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Great American Group Handles Liquidation of Bakers Footwear Group

- Major Discounts Offered to Customers at Remaining Stores and Online -

WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Great American Group, Inc. (OTCBB:GAMR) has been selected to handle the liquidation of Bakers Footwear Group, Inc., offering discounts for products in 56 of Bakers Footwear Groups’ remaining stores, as well as online at www.bakersshoes.com.

“We are offering significant discounts online and on all store items, so consumers will have the opportunity to purchase quality, name-brand women’s shoes at steep discounts”

“We are offering significant discounts online and on all store items, so consumers will have the opportunity to purchase quality, name-brand women’s shoes at steep discounts,” said Scott Carpenter, President of Great American Group’s Retail Division.

With merchandise being sold for at least 40 percent off, Carpenter urges shoppers to head to their local stores or visit the website soon for the best selection.

Bakers locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Virginia are part of the sale event, which is also being conducted online atwww.bakersshoes.com

On Jan. 15, 2013 a bankruptcy judge for the U.S. Bankruptcy Court in St. Louis signed a Chapter 7 order allowing Bakers Footwear Group to conduct going-out-of-business sales at its remaining stores.

Bakers Footwear Group is the third shoe retailer that has selected Great American Group to liquidate stores over the past 18 months. Great American Group assisted Payless ShoeSource and Sterling Shoes with store restructuring projects, consolidating store locations for both companies in 2011 and 2012.

Bakers Footwear Group, once a leading national mall-based retailer of shoes for young women, operated 236 Bakers and Wild Pair shoe stores in 37 states before filing for Chapter 11 bankruptcy last October due to declining sales. At that time, the company hired GA Keen Realty Advisors, LLC of New York, a division of Great American Group, to market leases for 150 Bakers and Wild Pair shoe store locations in 31 states.

Founded in 1929 under a different name, Bakers Footwear Group stores target women between 12 and 29 years old, selling merchandise including private label and national brand dress, casual and sport shoes, boots, sandals and accessories.

About Great American Group, Inc. (OTCBB:GAMR)

Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, San Francisco and London. For more information, call (818)884-3737 or visit www.greatamerican.com.

 

Original source: http://www.businesswire.com/portal/site/topix/index.jsp?ndmViewId=news_view&newsId=20130125005465&newsLang=en&ndmConfigId=1000639&vnsId=41