Marty's Shoes files bankruptcy

September 17, 2008 8:41:26 AM PDT
The north Jersey discount chain Marty's Shoes plans to close all 47 of its stores and liquidate operations. The Bergen Record reports that the 34-year-old company filed for Chapter 11 bankruptcy on Friday.

Employees tell the newspaper they suspected something would happen but were surprised the company will shut all of its stores.

The Record cites an affidavit filed with bankruptcy documents in which a company official attributes the company's demise to tough economic times, excess inventory and a poorly executed change of management in 2006.

The Secaucus-based company has 10 stores in North Jersey which are expected to close by early October