Footwear retailer Aerosoles files for bankruptcy

Footwear retailer Aerosoles files for bankruptcy

Footwear retailer Aerosoles files for bankruptcy

Women's footwear brand Aerosoles has filed for Chapter 11 bankruptcy protection as it looks to shutter almost all of its USA stores.

The 30-year-old New Jersey-based company plans to continue to manage its stores and operate its businesses as "debtors in possession".

Aerosoles said a "significant reduction in the number of retail stores it operates" will be a "critical" component of its restructuring plan as it seeks to "realign the business with the changing marketplace environment".

"In addition to battling e-commerce, Aerosoles has also been challenged in luring shoppers to its stores and website with products that stand out from its competitors, as more of them now offer affordable, comfortable shoes", Reuters said. It said it expects to complete the restructuring within approximately four months. "By improving our financial structure and right-sizing our retail footprint, we will be able to refocus our business efforts on the execution of our turnaround strategy".

"This restructuring will enable Aerosoles to become a stronger, more vibrant brand, and position the Company for future growth", Denise Incandela, the company's Interim CEO said in a release. It will also focus on its worldwide and wholesale businesses, which it said have thrived throughout recent years.

AeroGroup International's Chapter 11 petition indicates assets of $50 to 100 million.

According to documents filed with the Court, "After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors".

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