After failing to find a buyer, Bakers Footwear Group will begin liquidating its remaining 56 stores in the next few days. The liquidation received approval Wednesday by a bankruptcy judge.
Bakers filed for Chapter 11 bankruptcy in October and had been pursuing a sale of the company.
Unfortunately, just before 10 p.m. last night, the proposed purchaser terminated those discussions, attorney Brian Walsh of Bryan Cave LLP, who represents Bakers, told Judge Charles Rendlen III, according to the St. Louis Business Journal. The debtor therefore has decided to proceed with the orderly liquidation of its inventory.
The chain had originally hoped to emerge from bankruptcy and operate as a smaller chain. The company lost its financing when it failed to meet a debt covenant with lender Salus Capital Partners, after its liquidation of 150 of its 213 stores wasnt as successful as planned.
