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The Walking Company Holdings Inc. has filed a reorganization plan to emerge from voluntary Chapter 11 bankruptcy protection.
The Santa Barbara, Calif.-based firm said it intends to keep 207 of its 214 current store locations, as well as pay off all its debts and future obligations to trade creditors following a restructuring of its balance sheet and long-term financial obligations.
Andrew Feshbach, CEO, called the reorganization plan “a major step forward in the process of emerging from Chapter 11,” which the company expects to happen by this spring. “Though the plan still requires bankruptcy court approval and must go through the proper vetting process, it calls for an outstanding result for all stakeholders, including our landlords, vendors, lending institutions, bondholders, more than 1,500 employees and our shareholders,” Feshbach said in a statement.
As previously reported, The Walking Co. filed for Chapter 11 in early December, citing the stalling economy and rapid store expansion as key factors contributing to its financial woes.