Aerosoles, maker of comfy women’s shoes, has the same troubles as other mall retailers: more physical stores than it needs, and not enough customers spending money in those stores. And so the company is joining 2017’s most unfortunate corporate club, and filing for bankruptcy.
The current plan is to shed most of its stores, keeping at least four in New York and New Jersey near its Edison, NJ, headquarters. The company hopes to find a buyer, if the reorganization isn’t enough to keep it going.
The chain’s other 74 U.S. stores and a few hundred international locations are all potentially on the chopping block, as the company plans to follow customers’ shopping habits online, and continue mainly as an online retailer and wholesaler of its products to other stores.
“This restructuring will enable Aerosoles to become a stronger, more vibrant brand, and position the Company for future growth,” interim CEO Denise Incandela said in a statement.
2017 remains a record-smashing year for retail bankruptcies, and Aerosoles’ mall neighbors that have either closed stores or negotiated new post-bankruptcy rent deals include Payless ShoeSource, Rue 21, and RadioShack.