The Walking Company is seeking court approval to close 40 additional stores. The retailer filed for bankruptcy in early December with a plan to close 90 of its original 210 stores immediately.
A U.S. bankruptcy judge in California last week set a court hearing for Feb. 16 for the company to discuss “post holiday” store closings, according to Reuters. According to a court order filed last week, the company was given approval to begin “holiday” or “soft closing” procedures at those “underperforming” stores during the holiday shopping period beginning Dec. 18.
The company said the 40 additional stores it is now seeking to close were “either unprofitable or only marginally profitable.” The closing of those 40 stores will bring its store count to 130.
“The company's reorganization effort hinges on its ability to right-size its lease portfolio, which will allow the company to eliminate literally millions of dollars in annual operating expenses,” The Walking Company's chief executive Andrew Feshbach wrote in a declaration filed with the court last week.
