Testimonials

Find out what clients are saying about the attorneys at Hong Law, PLC

read more…

About Our Attorneys

Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

read more…
Home  >  Bankruptcy  >  Bakers Footwear files for bankruptcy

Bakers Footwear files for bankruptcy

Bakers Footwear, a national mall-based women’s footwear chain, filed for Chapter 11 bankruptcy today.

The company plans to reduce costs after a year of slumping sales by shutting down up to 25 of its 218 stores. The company is nearly $60 million in debt while listing assets of close to $42 million.

Bakers plans to reduce its operating costs by $7 million and raise $8 million through selling assets. In the meantime, it will focus on its own brand.

Filing for Chapter 11 bankruptcy can allow a business to reorganize its debt while maintaining operations. If you feel like your business is digging itself into a financial hole, contact the Chapter 11 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.

Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office