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Baltimore’s Shoe City Retail Chain Files for Bankruptcy, Will Liquidate All Stores
Gordon Brothers, the global advisory and investment firm, will sell retail leases and operate going-out-of-business sales at all 39 retail store locations of Esco Ltd., operating as Shoe City, throughout Maryland, Virginia and Washington, DC.
After 70-plus years in business, Shoe City filed for Chapter 11 reorganization on March 31, and the bankruptcy court authorized going-out-of-business sales. The stores range in size from 2,000 to 9,900 square feet and include street front, regional mall and strip center sites.
“These leases offer a fantastic opportunity for retailers looking to expand their footprint,” said James Avallone, senior managing director, real estate at Gordon Brothers. “The stores offer high-traffic locations with attractive co-tenancy and favorable lease terms with options.”
The Baltimore Business Journal reported that in its bankruptcy filing, Baltimore-based Shoe City blamed a failed merger with the Arklyz Group, parent of footwear chain The Athlete’s Foot.
- ◦Sale/Acquisition
