LOS ANGELES — Shoe Pavilion on July 15 filed a voluntary petition for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the central district of California, San Fernando.
According to the 66-page filing, the company listed $66 million in assets, with estimated liabilities between $25 million and $27 million. The company indicated it had between 200 and 999 creditors at the time of the filing. The petition outlined monies owed to the firm’s 20 largest creditors, including New Balance, $324,301; Bordan Shoe Co., $309,582; Asics, $196,166; Adidas, $128,513; Clarks, $120,700; Reebok, $117,583; and Diesel, $111,212.
The bankruptcy news follows a string of difficult quarters for the Sherman Oaks, Calif.-based company, which has 113 stores. In 2007, the company reported a net loss of $16.3 million; it had a loss of $6.3 million in the first quarter.
Shares of the firm fell 64 percent to 9 cents Wednesday, when the filing was revealed.