Getting your Trinity Audio player ready...
L.A. Gear Inc. said it filed for bankruptcy protection, after the company reported a string of losses in the last two years amid a decline in demand for its athletic shoes.
L.A. Gear, which was delisted from the New York Stock Exchange in December because of failure to meet listing requirements, said Tuesday it reached an agreement with an unofficial committee of its bondholders related to a restructuring of the company’s debt and equity interests.
The company said it may file a reorganization plan as early as next week.
During the reorganization, the company, which also markets casual clothes and accessories, said it will continue to operate through its subsidiaries.
