Footwear retailer Aerosoles (Edison, N.J.) has filed for chapter 11 bankruptcy.
In its court filing, the retailer cited declining mall traffic, industry-wide markdowns and e-commerce as causes, reports CNBC. Aerosoles plans to close 95 percent of its 78 stores while maintaining four flagship locations in New Jersey and New York.
"This restructuring will enable Aerosoles to become a stronger, more vibrant brand, and position the company for future growth," said interim CEO Denise Incandela.