Financial Difficulties
The company entered Chapter 11 bankruptcy in March 2004, during which the Just for Feet chain was shut down and FootAction USA was sold to Foot Locker Inc. Footstar emerged from bankruptcy on February 6, 2006.
Under a July 2005 agreement with Kmart owner Sears Holdings, Footstar agreed to continue operating stores within Kmart until December 31, 2008, at which point Footstar was to sell the remaining inventory to Kmart (for $55 Million dollars) and wind down the business.
Read more about this topic: Footstar
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