Business
Report: Saxon Shoes files for bankruptcy protection, stores remain open
A local shoe retailer with deep roots in Richmond has filed for bankruptcy protection, according to an exclusive from Richmond BizSense.
From Richmond BizSense:
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.
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