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Volume 59.5K
As of 8:10 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

bakers footwear group inc (BKRSQ) Snapshot

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05/8/13 - $0.02
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bakers footwear group inc (BKRSQ) Details

Bakers Footwear Group, Inc., a mall-based specialty retailer, engages in the sale of footwear and accessories for young women in the United States. The company offers casual footwear, including sport shoes, sandals, athletic shoes, outdoor footwear, casual daywear, weekend casual, casual booties, and tall-shafted boots; and dress footwear, such as career footwear, tailored shoes, dress shoes, special occasion shoes, and dress booties. It also provides accessories comprising handbags, jewelry, sunglasses, ear clips and earrings, leggings, scarves, and other items. The company sells its products under the Bakers and Wild Pair names, as well as under the other private labels and national brands. As of August 27, 2012, 2012, it operated 218 stores. Bakers Footwear Group, Inc. also sells its products through Internet store and catalogs. The company was formerly known as Weiss and Neuman Shoe Co. and changed its name to Bakers Footwear Group, Inc. in February 2001. Bakers Footwear Group, Inc. was founded in 1924 and is headquartered in St. Louis, Missouri. On January 18, 2013, the voluntary petition of Bakers Footwear Group, Inc. for reorganization under Chapter 11 was converted to Chapter 7. It had filed for Chapter 11 bankruptcy on October 3, 2012.

478 Employees
Last Reported Date: 04/27/12
Founded in 1924

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bakers footwear group inc (BKRSQ) Key Developments

Update On Bakers’ Stores Sale

An auction for the leases on 56 retail stores owned by Bakers Footwear Group Inc. is expected to be held on February 18, 2013, with a deadline to submit bids by February 21, 2013. The liquidation of is now being handled by A&G Realty Partners LLC. “Bakers' real estate has begun to create interest among various shoe retailers, particularly those interested in access to premier locations in some of the top malls in the country,” said Michael Jerbich, Partner at A&G Realty Partners, who is managing the court-supervised sale process.

Bakers Footwear Group Inc. announced delayed 10-Q filing

On 01/07/2013, Bakers Footwear Group Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Bakers Footwear Group Inc. Enters into Amended and Restated Senior Secured Super Priority Debtor-In-Possession Credit Agreement with Salus Capital Partners

On November 15, 2012, Bakers Footwear Group Inc. entered into the Amended and Restated Senior Secured Super Priority Debtor-In-Possession Credit Agreement between the company and Salus Capital Partners, LLC. The Court approved the Amended DIP Credit Agreement on November 15, 2012. In connection with the Amended Credit Agreement, on November 15, 2012, the company repaid to Crystal approximately $6.275 million and paid to Crystal approximately $350,000 in other required fees and expenses, in full satisfaction of the Prior DIP Credit Agreement. Crystal assigned to Salus Crystal's interest in the Prior DIP Credit Agreement. The Amended DIP Credit Agreement provides for aggregate borrowings of up to $9.5 million. The DIP Loan is comprised of an $8 million senior secured revolving credit facility and a senior secured $1.5 million term loan. As of November 20, 2012, the amount outstanding under the Amended DIP Credit Agreement was approximately $7.1 million, including the Term Loan. Loans under the Revolving Credit Facility will be made on a revolving basis and any principal amount of the Term Loan that is repaid may not be re-borrowed. The company will have a sub-facility under the Revolving Credit Facility of up to $500,000 for letters of credit. Any outstanding and undrawn letters of credit will be considered a use of the Revolving Credit Facility. The Revolving Credit Facility is limited by the amount the Borrowing Base and is limited based substantially on the company's credit card receivables, the inventory liquidation payment, estimated values of eligible inventory and availability reserves, with an availability block of $200,000. The Amended DIP Credit Agreement also provides for a fully perfected first priority security interest in substantially all of the company's assets. The company incurred approximately $260,000 in initial fees and expenses with Salus in connection with the Amended DIP Credit Agreement. The company also must pay, on a monthly basis, a collateral monitoring fee which ranges between $25,000 and $40,000 per month. A commitment fee of 0.75% per year will be charged on the average unused portion of the Revolving Credit Facility. The company will pay a letter of credit fee of 8% per year on all amounts outstanding on the letters of credit. The company will also pay all standard and related issuance charges. Interest on: the Revolving Credit Facility will accrue at 8% per annum and the Term Loan will accrue at 16% per annum, with a default rate of an additional 4%. All obligations under the DIP Loan are due and payable in full on the termination date. The termination date means the earlier of: 12 months after closing, assuming a final order approving the DIP Loan on a final basis has been entered prior to such date, the occurrence of an event of default, the closing of a sale of all or substantially all of the company's assets or the company's emergence from Chapter 11. The Term Loan is due and payable upon the earlier of the completion of the auction for the company's leases or December 22, 2012. The company must pay an early termination fee equal to 3% of either the outstanding principal amount of the DIP Loan (if terminated) or the amount of the Term Loan that was prepaid and/or the amount of the voluntary reduction of the company's revolving commitment, if: the DIP Loan is terminated by Salus due to an event of default prior to the maturity date, the DIP Loan is terminated by the company while it remains in Chapter 11, or the company's revolving commitment amount is reduced or the Term Loan is repaid or reduced prior to the maturity date, except for required prepayments.


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