Bakers Footwear Files for Bankruptcy After Sales Decline

Bakers Footwear, a mall-based retailer of shoes for young women, filed for bankruptcy protection after announcing a plan to close stores and reduce costs because of declining sales. The company listed assets of $41.9 million and debt of $59.5 million as of April 28 in Chapter 11 documents filed today in U.S. Bankruptcy Court in St. Louis. Chapter 11 is the section of the U.S. Bankruptcy Code used by companies to reorganize.