WESTLAKE VILLAGE, Calif., June 13, 2018 (GLOBE NEWSWIRE) -- The Walking Company Holdings, Inc. announced today that a U.S. Bankruptcy Court in Delaware has approved its Chapter 11 plan of reorganization. As a result, The Walking Company expects to emerge from its restructuring process by the end of this month.
“The Court’s approval of our plan is the culmination of months of hard work and extensive negotiations among our various stakeholders,” said Andrew Feshbach, The Walking Company's CEO. “In the next few weeks, our company will emerge from this process financially stronger and positioned for long-term success."
Certain Company shareholders have committed to invest $10.2 million in new equity into the Company and Wells Fargo Bank will provide “exit” financing that, in addition to the Company’s ongoing cash from operations, will allow The Walking Company to move forward as a substantially stronger company.
“I want to thank our vendor partners, landlords, stakeholders, financial partners and business professionals for their continued support throughout this process,”Feshbach continued. “I also want to thank our dedicated employees, who have remained focused on driving our business objectives."
ABOUT THE WALKING COMPANY
The Walking Company is the leading national specialty retailer of high-quality, technically designed comfort footwear and accessories, and offers a selection of premium comfort brands including ABEO®, Dansko®, ECCO®, Taos®, and more. The Walking Company operates 185 stores in premium malls across the nation and the company’s website www.thewalkingcompany.com.