The Walking Co. said a court hearing on the company’s Chapter 11 bankruptcy reorganization plan will be held on April 23. If approved, the retailer said it would be ready to exit Chapter 11 early in the week of April 26.
As reported, the company-which filed for bankruptcy protection in December was facing high rents and a difficult retail environment- submitted a reorganization plan that calls for keeping 207 of its 214 store locations open and pay off all of its debts and future obligations to trade creditors.
The company had earlier sought to close about half of its stores, but was able to work out deals with its landlords, banks, and vendors to restructure its balance sheet and long-term financial obligations during the bankruptcy.
