Another retailer has filed for Chapter 11 bankruptcy and has already started closing stores.
AGI HoldCo Inc., which owns Aerosoles stores, has filed bankruptcy and plans to keep just four stores open in New York and New Jersey. The stores sell women’s shoes, and currently has 80 stores.
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The store had as many as 125 stores in 2012, and the company expects the restructuring process to be completed in approximately four months, according to a company statement. The company has a location in Cincinnati, but none in the Dayton region.
Customers can continue to shop online, and store leaders said the company will “enhance its strong digital platform.”
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The company has voluntarily filed petitions to reorganize under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
“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,” said Denise Incandela, the company’s interim chief executive officer.
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