Economy

Footwear maker Aerosoles files for bankruptcy

Footwear maker Aerosoles files for bankruptcy”

Women's shoe retailer Aerosoles said it had filed for Chapter 11 bankruptcy protection, the latest casualty in a struggling retail industry. At least a dozen retailers selling apparel, electronics and discount shoes have filed for bankruptcy this year to slash their store count and better compete with e-commerce companies such as Amazon.com Inc.Edison, New Jersey-based Aerosoles said it would close 95 percent of its 78 stores while maintaining four flagship shops in NY and its home state. It will also focus on its global and wholesale businesses, which it said have thrived throughout recent years.

Aerosoles' holding company AGI Hold said it would continue to manage its stores and operate its businesses as "debtors in possession". "We will continue to create product that leads the market in comfort and fashion, grow our ecommerce, wholesale and worldwide businesses, and promote innovative new marketing campaigns that will drive our business forward". The Petition reports $50 million to $100 million in assets and $100 million to $500 million in liabilities.

The company will maintain four main locations across NY and New Jersey while it implements the restructuring process - which is expected to span the course of four months.

"This process will allow us to emerge as a stronger brand and company and reinforces our commitment to providing a superior shopping experience in stores and online", Incandela said.



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