Do you know that saying, “when there is blood in the street you should buy a property?” Well Bakers Footwear Group Inc. is lying semi-conscious in the street surrounded by a pool of its own blood, so you should buy some shoes.
Last month the St. Louise based retailer filed for Chapter 11 bankruptcy protection and is now undergoing a massive liquidation sale, which is being orchestrated by Tiger Capital Group and SB Capital Group LLC. The two capital groups gained control of the inventory from 150 Bakers and Wild Pair stores when they placed the winning bid. The stores acquired by the capital groups will put everything up for sale, including fixtures and equipments. “With discounts on the stores’ fresh, in-season merchandise and clearance goods ranging up to 50 percent off, this represents fantastic savings for consumers — especially heading into the holiday season,” said Michael McGrail, managing director of Tiger Group, reports the L.A Daily News.
Bakers has 63 stores remaining, which it will continue to operate, given that it receives financial help and is able to restructure around a smaller business. Otherwise, Tiger Capital and SB Capital will gain control and liquidate the inventory from the remaining locations. But either way, we win?
StyleBlazers, do you plan to take advantage of the liquidation sale?