Another U.S. retailer files for BANKRUPTCY, 74 stores to close

More bad news for retail. According to this CNBC report Footwear maker Aerosoles has filed for bankruptcy citing falling foot traffic and the shift towards online shopping.

Women’s shoe chain Aerosoles filed for Chapter 11 bankruptcy protection on Friday with a plan to close most of its stores and focus on its wholesale, e-commerce and international businesses, becoming the latest casualty in the struggling U.S. retail sector.

Aerosoles, formally known as Aero, blamed its bankruptcy on declining mall traffic, big industry wide markdowns and a shift toward online shopping, according to a court filing.

At least a dozen retailers selling apparel, electronics and discount shoes have filed for bankruptcy this year to slash their store count and better compete with e-commerce companies such as Amazon.

Edison, New Jersey-based Aerosoles said it would close 95 percent of its 78 stores while maintaining four flagship shops in New York and its home state. Known for its comfortable flats and wedges, it will continue to sell its shoes online and at other retailers and department stores.

  • Billie Boy

    Really? When the light bulb was invented oil lamp makers went out of business. WHY didn’t they have a great online website and sell on Amazon? They were probably too busy counting their money made from the over priced shoes in their brick & mortar stores..Good riddance….The stupid eliminate themselves…

    • Kent Ford

      billy bob you are an idiot, the stores are in a massive closing frenzy because the broke americans have no money and no interest , 23,000 stores are closing next year, its a depression, get it now billy bob?

      • Billie Boy

        Ok Kent. Just keep thinking that or go to Wallmart and see IF you can find a parking spot…

  • Red Pill

    ” a shift toward online shopping” great joke, prove it.