Women’s shoe retailer Aerosoles Group said it had filed for Chapter 11 bankruptcy protection, the latest casualty in a struggling retail industry.
The company had listed assets of $10 million to $50 million and liabilities of $100 million to $500 million, according to its bankruptcy court filing.
Aerosoles’ holding company AGI HoldCo Inc said it would continue to manage its stores and operate its businesses as “debtors in possession”.
The company said it would significantly reduce the number of stores as part of the restructuring in an effort to realign the business with the changing marketplace environment.
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 giants such as Amazon.com Inc.
Aerosoles has more than 300 stores around the world including in China, India and Peru.
The bankruptcy was filed in the U.S. Bankruptcy Court for the District of Delaware. (Reuters)