Forget Black Friday — today marked the start of the massive Bakers Footwear sale.
More than $30 million worth of shoes from Bakers Footwear Group, which is undergoing bankruptcy proceedings, went on liquidation sale nationwide Friday.
The sale is administered by a joint venture between Tiger Capital Group and SB Capital Group, which on Monday won the bid for the inventory from 150 Bakers and Wild Pair stores.
The companies also will be selling the fixtures and equipment from many of the stores.
In a statement, Jim Thieken, SVP at SB Capital, said, “[Bakers] has received financing commitments to continue operating the remaining 63 stores in hopes of reorganizing around a smaller business. If such a refinancing does not occur, Tiger Group and SB Capital would then liquidate the inventory in those locations.”
Approximately 1,325 store and district personnel have been retained to assist the joint venture in operating the 150 stores during the completion of the sale process, which is expected to continue through the end of the year.
St. Louis-based Bakers filed for Chapter 11 protection last month in the U.S. Bankruptcy Court in the Eastern District of Missouri. At the time of the filing, the retailer operated a total of 213 stores in 34 states.