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Shoe Pavilion To Close All Stores After Big Sales

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Oct 21, 2008 11:43 pm US/Pacific

Shoe Pavilion To Close All Stores After Big Sales

SHERMAN OAKS (CBS) ― After nearly 30 years in business, Shoe Pavilion is liquidating assets, and closing 60 stores. They'll be having huge sales over the next three months before they go out of business.

Shoe Pavilion Inc., once known as the largest independent off-price footwear retailer on the West Coast, has begun going-out-of-business sales at all 64 of its stores, at least 25 of which are located across the Bay Area.

The company, based in Sherman Oaks, Calif., has been in business for 29 years, has stores in California, Washington, Oregon and New Mexico.

They started closing low performing stores after filing for Chapter-11 bankruptcy in July. The going-out-of-business sale, which is being conducted by a joint venture group that includes Tiger Capital Group, is expected to last 10-12 weeks, with some stores closing sooner.

"It is always tough to close down stores, but consumers will benefit from the extreme discounts on every item in the stores until all the merchandise is sold," said Danny Kane, managing member of Tiger Capital.

Shoe Pavilion offers women's and men's designer label and name brand footwear such as Esprit, Puma, Clarks, Dexter, Skechers and Timberland, typically at 30 to 70 percent below regular department store prices for the same shoes.

(© MMX, CBS Broadcasting Inc. All Rights Reserved.)

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