A sad day in the world of shoes.
Women’s shoe chain Aerosoles Group has filed for Chapter 11 bankruptcy protection with a plan to close most of its stores and focus on its wholesale, e-commerce and international businesses. According to businessoffashion, Aerosoles, formally known as Aerogroup International Inc, blamed its bankruptcy on declining mall traffic, big industry-wide markdowns and a shift toward online shopping, according to a court filing.
The New Jersey-based company said it would close 95% of its 78 stores while maintaining four flagship shops in New York and its home state. Known for its comfortable flats and wedges, it will continue to sell its shoes online and at other retailers and department stores.
“This restructuring will enable Aerosoles to become a stronger, more vibrant brand, and position the company for future growth,” interim Chief Executive Officer Denise Incandela said in a statement.