It's been announced Bakers is filing for BANKRUPTCY! ((gasps))
Apparently they haven't made an annual profit since 2006??!? Crystal Financial LLC is loaning them $22 million to get them through the bankruptcy, contingent upon the company either having a restructuring agreement in place by Nov 2nd, or finding a buyer.
This isn't the first time Bakers went into bankruptcy. Parts of Bakers (before it was named Bakers) was bought out of bankruptcy in 1999 by its chief executive officer Peter Edison, now CEO.
It's expected the file for Chapter 11 will render company shares worthless. Investors holding more than 5 percent of Bakers' stock include big names like Peter Edision (CEO), Steve Madden Ltd, and Wells Fargo & Co and investment funds.
So does this mean big sales for Bakers shoppers?? Well, I don't know if this means big sales, but there is quite the sale going on NOW both online and in-store including a FREE pair of shoes with your purchase of boots for $99!! I advise all to take a peek!