Bakers shoe chain files for bankruptcy

Bakers Footwear Group Inc, which operates 215 women’s shoe stores in the United States, filed for bankruptcy protection on Wednesday as it struggles to restructure its business amid falling sales. Sales at St. Louis-based Bakers’ mall-based stores have fallen 5.9 percent compared to last year, squeezing the company’s cash and causing it to default on a loan, according to court documents. The chain, which sells to young women, has been closing and selling stores, laying off staff and ending licensing deals as it tries to turn its first annual profit since the year that ended in January 2006, according to the company’s annual reports. Bakers’ weak sales this year pushed it into default on a $30 million secured credit facility it entered into in June with Crystal Financial LLC.

 

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