Dive Brief:
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AGI HoldCo, which does business as Aerosoles, announced on Friday that it has voluntarily filed petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware, according to a company press release.
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The company will close up to 74 retail stores as it reorganizes, and has already begun store closing sales as it seeks approval from the bankruptcy court to proceed with those sales. The reduction in the number of retail stores is a “critical portion” of the restructuring, the company said.
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Aerosoles plans to maintain four flagship stores in New York and New Jersey. Customers may continue to shop online and at third-part…
Read the full article at: http://www.retaildive.com/news/aerosoles-files-for-chapter-11-bankruptcy/505135/