fashion.broadwayworld.com

Bakers Officially Closing

Related: Bakers, Accessories
Bakers Officially Closing

It's official: Bakers Footwear Group is closing. WWD reported that the firm received court approval to file for Chapter 7 bankruptcy, instead of Chapter 11 today.

What does this mean? The St. Louis-based retailer will liquidate all remaining assets and distribute them to creditors instead of trying to reorganize and salvage the business. An appointed trustee will ensure that any assets that are secured are sold then pay specific creditors.

Bakers' attorney, Brian Walsh of Brian Cave LLP, said priority for the funds goes to paying the salaries of employees that are still working at the firm and its 56 remaining stores.

Judge Charles Rendlen III expressed hope that the change from Chapter 11 to Chapter 7 will be done by Friday so that rent for next month does not become a problem in any of the locations.

"There's one nice thing about this [case]: It's not a moving target, it's very clear," said the judge.

Related Links
Photo: Diane Von Furstenberg & More Attend Finale Screening of E! Docuseries HOUSE OF DVFPhoto: Diane Von Furstenberg & More Attend Finale Screening of E! Docuseries HOUSE OF DVF
December 22, 2014
Fashion One Names Their Top 10 Designers of 2014Fashion One Names Their Top 10 Designers of 2014
December 19, 2014
Kate Spade Saturday Designs Collection for West ElmKate Spade Saturday Designs Collection for West Elm
December 18, 2014


About Author

   Subscribe to Author Alerts


FASHION VIDEOS


Become a Fan, Follower & Subscriber

           Facebook Like Follow