BOSTON, Massachusetts – November 9, 2012 – SB Capital Group, LLC is part of a joint venture chosen to liquidate over $30 million of inventory from 150 Bakers Footwear Group stores nationwide. The “Going Out of Business” sales at the mall-based Bakers and Wild Pair stores starts Friday, November 9, and is expected to continue through the end of the year. Meanwhile, the status of the retailer’s 63 additional locations is expected to be resolved next week.
St. Louis-based Bakers Footwear Group sells a wide range of private-label and national-brand dress, casual and sport shoes, along with boots, sandals and various accessories for young women. “With discounts ranging up to 50% off the stores’ fresh, in-season merchandise and clearance goods, this represents fantastic savings for consumers, especially heading into the holiday season,” said a member of the joint venture group. Fixtures and equipment will also be sold from many of the stores.
Bakers Footwear Group filed for Chapter 11 protection last month in the U.S. Bankruptcy Court in the Eastern District of Missouri. At the time of the filing, the retailer operated a total of 213 stores in 34 states. “The company has received financing commitments to continue operating the remaining 63 stores in hopes of reorganizing around a smaller business,” noted Jim Thieken, Senior Vice President of SB Capital Group. “If such a refinancing does not occur, the joint venture would then liquidate the inventory in those locations.”
Approximately 1,325 store and district personnel have been retained to assist the joint venture in operating the 150 stores through the completion of the sale process.