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Year in Review: Financial Troubles

At least three companies faced bankruptcy this year.

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Bakers Footwear Group Inc.
After filing for bankruptcy in early October, Bakers hoped to only liquidate 151 of its 214 stores, but last month the courts ordered it to clear out the remainder. And a crucial deal that called for Aldo Group to assume 52 of its leases is now being called into question.

Shoe Mania
A lawsuit by Shoe Mania’s creditors forced the New York retailer into involuntary Chapter 7 bankruptcy in August, as 10 footwear firms sought to reclaim $3.4 million in unpaid debts.

Betsey Johnson
The licensing firm that operates Betsey Johnson boutiques filed for Chapter 11 protection in April and spent the summer liquidating and shuttering stores. Luckily, trademark owner Steven Madden Ltd. was largely unaffected by the proceedings.

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