Aerosoles, the footwear store you walk past all the time and never go into that actually has nice shoes, has fallen into the catacomb of retail bankruptcy.
The bankruptcy is being branded as a four-month restructuring, which according to Aerosoles’ interim CEO Denise Incandela, “will enable Aerosoles to become a stronger, more vibrant brand and position the company for future growth,” and the move is also designed to “realign the business with the changing marketplace environment.”
The 30-year-old comfort footwear brand, which operates about 80 retail locations mainly in U.S. malls and sells with a number of retail partners, filed for Chapter 11 in Delaware bankruptcy court under its formal name AGI HoldCo Inc. on Friday.
Aerosole expects “significant” store closings, though the brand’s flagship locations in New York and New Jersey are safe for now. In case you haven’t been counting, the list of major retail brands that have suffered financially in recent years includes Bebe, Payless, American Apparel, Wet Seal, Delia’s, and Aeropostale.