By  on October 4, 2012

Bakers Footwear Group Inc. on Wednesday filed for Chapter 11 bankruptcy court protection in St. Louis.

In doing so, the firm defaulted on a $30 million secured credit facility that it obtained in June with Crystal Financial. Crystal provided debtor-in-possession financing of $22 million, but required that a restructuring plan be in place by Nov. 2, or the retailer will have to find a buyer.

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