It’s a sad day in the world of affordable shoes. Bakers Footwear Group Inc. (BKRS), that favored must-shop shoe store in just abut every national mall, filed for bankruptcy protection after announcing a plan to close stores and reduce costs because of declining sales. According to Businessweek, the company listed assets of $41.9 million and debt of $59.5 million as of April 28 in Chapter 11 documents filed today in U.S. Bankruptcy Court in St. Louis. The company will be shutting down as many as 25 stores and will sell leases and other assets for as many as 52 more to Aldo Inc. for $6.4 million, and terminate its license for H by Halston. This also means that they will be cutting back on carrying other brands like Steve Madden and focus solely on its Bakers brand. The great news is that they aren’t going out of business all together, they are just downsizing. Well at least there have an e-commerce site for those who live in territories where there are no Bakers Stores.