Bakers Footwear Group Inc., a mall- based retailer of shoes for young women, filed for bankruptcy protection after announcing a plan to close stores and reduce costs because of declining sales, Bloomberg News reported yesterday. The company listed assets of $41.9 million and debt of $59.5 million as of April 28 in chapter 11 documents filed yesterday. Bakers, based in St. Louis, said on Aug. 27 that it will shut as many as 25 stores, sell leases and other assets for as many as 52 more to Aldo Inc. for $6.4 million, and terminate its license for H by Halston. The proceeds will be used to pay bank debt and trade creditors, Bakers said. The company expects to raise as much as $8 million through liquidation sales and reduce expenses by as much as $7 million a year.
