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Aerosoles files Chapter 11; to focus online, wholesale

Women's footwear brand Aerosoles has filed for Chapter 11 bankruptcy protection as it looks to shutter nearly all of its U.S. stores.

The company has about 80 stores in the United States, and also sells its shoes through other retailers. It has begun store closing sales and is seeking approval from the Bankruptcy Court to proceed with the sales. Aerosoles said it plans to maintain four flagships, in New York and New Jersey, and will also enhance its e-commerce, wholesale and international businesses.

"By improving our financial structure and right-sizing our retail footprint, we will be able to refocus our business efforts on the execution of our turnaround strategy, said Denise Incandela, who was appointed Aerosoles' interim CEO in June. "We will continue to create product that leads the market in comfort and fashion, grow our ecommerce, wholesale and international businesses, and promote innovative new marketing campaigns that will drive our business forward."

The company listed assets of $10 million to $50 million and liabilities of $100 million to $500 million, according to its bankruptcy court filing. It said it expects to complete the restructuring within approximately four months.

"This process will allow us to emerge as a stronger brand and company and reinforces our commitment to providing a superior shopping experience in stores and online," Incandela said.
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