Bakers Hopes Restructuring Will Give Chain Back its Groove

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ST. LOUIS–Peter Edison is up front about it: He’s been frustrated, too, that the nearly 90-year-old footwear chain he runs has not been able to find its stride.

Since 2007, Bakers Footwear Group has slashed about $22 million in expenses and still hasn’t been able to pull a profit — not to mention the fact that it has recently defaulted on the terms of a loan.

Last week, the chain revealed it was selling up to 52 of its stores to a competitor — Aldo — for $6.4 million. On top of that, Bakers will close an additional 20 stores later this year, bringing in an expected $6 million to $8 million from liquidation sales.

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