Legal News

Baker Shoe Chain Goes Bankrupt
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

On Wednesday, Bakers Footwear Group Inc filed for bankruptcy protection as it tries to restructure and save its business while sales continue to fall. Bakers operates about 215 women’s shoe stores in the United States. According to court documents, sales at Bakers’ outlets have fallen by almost six percent compared to last year, bringing the company to the brink of bankruptcy.

Bakers has been in loss since 2006, and the company, which caters mainly to young women, is trying to make its first annual profit in seven years as it keeps closing and selling stores, ending licensing agreements and laying off staff. Its poor sales during the year led to its default on a $30 million secured credit facility it had from Crystal Financial LLC.

Crystal’s agreement necessitates Bakers to have a bankruptcy restructuring agreement in place by November 2, or find a buyer for the company.

  
What
Where


The reputed company was founded in 1926 as Weiss-Kraemer Inc. Later the company was bought by its CEO, Peter Edison, in 1997. Edison bought part of the Bakers and Wild Pair retail chains out of bankruptcy, changed its name to Bakers, and became public in 2004.

Bakers, currently had debts close to sixty million dollars and assets close to forty two million dollars.

A company statement mentioned that bankruptcy would make its shares worthless. Currently, investors who hold more than five percent of stock in the company include Edison, Steven Madden Ltd, and Wells Fargo.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Legal Secretary

USA-LA-New Orleans

A New Orleans litigation law firm is seeking an experienced Legal Assistant / Legal Secretary to und...

Apply now

Consumer Bankruptcy Attorney

USA-TX-Fort Worth

We are currently looking for a consumer Bankruptcy Attorney to join our team. This position is respo...

Apply now

Legal Assistant

USA-TN-Knoxville

London & Amburn, PC is located in downtown Knoxville, Tennessee near the Hilton Hotel. London & A...

Apply now

Paralegal

USA-NE-Bellevue

Paralegal Big Fire Law & Policy Group LLP is seeking an experienced Paralegal to join our Firm. ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Civil Litigation Associate Attorney

USA-FL-Tampa

Tampa office of a BCG Attorney Search top ranked law firm seeks Civil Litigation Associate Attorney ...

Apply Now

Associate Attorney

USA-MI-Livonia

Livonia office of our client seeks Associate Attorney with 2 years of complex civil litigation exper...

Apply Now

Senior Litigation Partner

USA-NY-New York City

New York City office of our client seeks Senior Litigation Partner with 38 years of experience. The ...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top