Privately-held AeroGroup International (a/k/a Aerosoles) and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-11962. The Company, which designs, manufactures and sells footwear and accessories, is represented by Scott D. Cousins of Bayard.
According to documents filed with the Court, “After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors.” The Company explains, “The Debtors’ operations have generally been profitable during the past thirty years; however, declining mall traffic, a highly promotional and competitive retail environment, and a shift in customer demand and preference for online shopping versus the traditional brick and mortar environment have all contributed to the Debtors’ declining financial performance.”
AeroGroup International’s Chapter 11 petition indicates assets of $50 to 100 million.
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