Sterling Shoes Inc. and Sterling Shoes GP Inc. announced Friday the closure of 53 store locations in B.C., Alberta and Ontario. Liquidation began on Friday.
The closures are a result of restructuring while the company tries to avoid bankruptcy. The company announced that it has obtained a BC Supreme Court order providing an extension of creditor protection to April 2, 2012.
Under supervision of the court, Sterling Shoes' management has been developing a restructuring plan that it believes will return the company to financial health.
Stores were selected for closing based on parameters established as part of the company's business strategy.
The company will continue with five Freedman Shoes, 72 Shoe Warehouse and 28 Sterling stores.
Upon completion of the closures, Sterling will own 105 stores.
Jennifer Harrison
@JHarrisonBIV