Bakers Footwear, a national mall-based women’s footwear chain, filed for Chapter 11 bankruptcy today.

The company plans to reduce costs after a year of slumping sales by shutting down up to 25 of its 218 stores. The company is nearly $60 million in debt while listing assets of close to $42 million.

Bakers plans to reduce its operating costs by $7 million and raise $8 million through selling assets. In the meantime, it will focus on its own brand.

Filing for Chapter 11 bankruptcy can allow a business to reorganize its debt while maintaining operations. If you feel like your business is digging itself into a financial hole, contact the Chapter 11 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.