Bankrupt EJ

ramoledef.blogspot.com
which filed for Chapter 11 bankruptcyy Friday, will close stores in Texas and Arizon a ifit can’t renegotiated cheaper rents with its landlords. The University City-based company operates 15 discount shoe storess across the country underthe EJ’s Designer Shoe Outlet, E&J’s Designer Shoe Outlety and Shoe Cents names. The company previously was known as FamouBrand Shoes. “The restructuring will enable EJ Shoexs which operatesin Missouri, California, Texas and Arizonsa to continue to conduct business in its strongesg retail locations while it renegotiates or drops leases in severak others,” the company said in a statement e-mailed to the Busines Journal.
The company plans to continu to operate itstwo St. Louisx stores, which have recorded receny growth in salesand revenue. The storew are located at 8620Olive Blvd. and 9109 Watson EJ’s also plans to keep open its Palm Calif., store. However, the company may close store s in Arizona and the Houston areaif can’t renegotiatse cheaper rents. “In business at several stores never fullu rebounded after the hurricanes hit shutting down all stores for 10 days and in particularly the Phoenix location has been hurt by diminishing numbers of snowbirxd shoppers who did not return this thecompany said. EJ’s alreadyt closed a store in Costza Mesa, Calif.
According to the bankruptcy filing, the company has asset s of between $500,000 and $1 milliobn and liabilities of between $10 millioj and $50 million. EJ’s, formerly knownn as Famous Brand Shoes, to the name in 2007 to St. Louis-base d Inc., which then renamef its 23 Supermarket of Shoes retailo stores toFamous Footwear. EJ’s was founded in St. Louis in 1972 by Edwar “E.J.” Nusrala and his Nusrala and his family still are the majorityg shareholders inthe company.