UPDATE 1-Shoe Pavilion files for Chapter 11 bankruptcy
(Updates with details throughout)
NEW YORK, July 16 (Reuters) - Shoe and accessories retailer Shoe Pavilion Inc SHOE.O has become the latest retailer to file for Chapter 11 bankruptcy protection.
The off-price retailer and its wholly-owned subsidiary, Shoe Pavilion Corp, said in a release on Wednesday that they had voluntarily filed for bankruptcy protection on July 15.
Shoe Pavilion joins a growing list of retailers filing for bankruptcy protection, including clothing chains Steve & Barry's and Goody's Family Apparel.
Sherman Oaks, California-based Shoe Pavilion Inc had $61 million in assets and between $25 million to $27 million in liabilities, according to its court filing at the U.S. Bankruptcy Court for the Central District of California-San Fernando Valley Division.
The company and its subsidiary will continue to operate their businesses as "debtors-in-possession" under court jurisdiction.
As of March, Shoe Pavilion had 113 stores in Western and Southwestern United States, including California, Oregon and Washington. Stores are located primarily in strip malls and outlet centers.
Shoe and athletic apparel companies Adidas Sales Inc, New Balance Athletic and Asics American Corp. are among Shoe Pavilion's largest creditors, according to the court filing. (With additional reporting by Nicole Maestri in New York; editing by Carol Bishopric) (Reporting by Chelsea Emery)
