Breaking News: Saxon Shoes files for bankruptcy protection

saxon shoes

Saxon Shoes at Short Pump Town Center. (BizSense file photo)

A stalwart of Richmond retail has filed bankruptcy.

Saxon Shoes, a decades-old fixture of Richmond’s shopping scene, filed for Chapter 11 bankruptcy protection on Friday. The Henrico County-based shoe retailer has two stores, one in Short Pump Town Center and another in Fredericksburg.

Chapter 11 will allow the business to remain in operation while working with creditors through a reorganization plan. Its two stores remain open for business.

The company reported $7.4 million in gross sales and $2.8 million in total income in 2019, according to a tax filing included in its bankruptcy filing. The company posted a loss of about $665,000 for the year.

Owner Gary Weiner’s parents, Gloria and Jack, opened the first Saxon Shoes at 410 E. Main St. in 1953. The company bounced around town over the years. In the 1960s, the store moved to the Libbie and Patterson part of town. Gary started to lead the company in the 1980s. Saxon Shoes moved across from Regency Square in 1989.

Saxon Shoes moved into Short Pump Town Center in 2005, initially occupying a two-story, 26,000 square feet spot before it downsized to the upstairs portion of the space within the last couple years. It was around that time Saxon Shoes entered the e-commerce market. The company opened its second location in Fredericksburg in 2009.

In addition to footwear for men, women and children, Saxon Shoes sells handbags and accessories.

Saxon is represented in its bankruptcy by attorney Paula Berran of Tavenner & Beran.

This is a breaking news story. Stay tuned to BizSense for more details.

Source link