Contact Information: For Further Information: The Walking Company Holdings, Inc. 121 Gray Avenue Santa Barbara, California 93101 www.thewalkingcompany.com www.bigdogs.com CONTACT: Alexis Dilg Investor Information (805) 963-8727, ext. 1303
The Walking Company Holdings, Inc. Moves Forward With Its Reorganization Plan
Unanimous Vote in Committee Paves Way for Company to Move Forward With Plan
| Source: The Walking Company Holdings, Inc.
SANTA BARBARA, CA--(Marketwire - February 16, 2010) - The Walking Company Holdings, Inc.
(PINKSHEETS : WALK ) (www.thewalkingcompany.com; www.bigdogs.com) announced
today that the unsecured creditors committee, established as a result of
the Company's voluntary filing for chapter 11 bankruptcy protection, has
agreed to support the Company's plan of reorganization filed last week and
not pursue other alternatives.
"With this positive result, we are now looking to emerge from chapter as
early as mid April," stated Andrew Feshbach, CEO of the Company.
Working closely with its bank, landlords, vendors, and shareholders, the
Company has been able to restructure its balance sheet and long-term
financial obligations. As a result, the Company submitted a reorganization
plan on February 2, 2010 to keep 207 of its 214 current store locations
open and pay off all of its debts and future obligations to trade
creditors. The Company is represented by Mette Kurth of Arent Fox and the
committee is represented by Hamid Rafatjoo of Pachulski Stang Ziehl &
Jones.
ABOUT THE WALKING COMPANY HOLDINGS, INC.
The Walking Company Holdings, Inc. (the "Company") consists of its The
Walking Company and Big Dogs subsidiaries. The Walking Company is a
leading independent specialty retailer of high-quality, technically
designed comfort footwear and accessories that features premium brands such
as ECCO, Dansko, UGG Australia, MBT and Aetrex, among many others. These
products have particular appeal to one of the largest and most rapidly
growing demographics in the nation. The Walking Company operates over 210
stores in premium malls across the nation. Big Dogs develops, markets and
retails a branded, lifestyle collection of unique, high-quality,
popular-priced consumer products, including active wear, casual sportswear,
accessories and gifts.
With the exception of historical information, the matters discussed in this
press release are forward looking statements that involve a number of risks
and uncertainties. The actual future sales and other results of the Company
could differ significantly from those statements.