Bakers Files for Bankruptcy

Reuters is reporting that Bakers Footwear Group Inc. filed for bankruptcy protection on today as it struggles to restructure its business amid falling sales.

The St. Louis based chain, which sells to young women, has been closing and selling stores, issuing layoffs and ending licensing deals as it tries to turn its first annual profit since 2006, according to the company's annual reports.

Reuters also reports that Bakers' "weak sales this year pushed it into default on a $30 million secured credit facility it entered into in June with Crystal Financial LLC."

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