Published: Oct 03, 2012 2:45 PM EDT
Updated: Oct 04, 2012 6:32 AM EDT

ST. LOUIS (AP) - Bakers Footwear Group Inc. has filed for Chapter 11 bankruptcy protection because of weak sales and mounting losses.

The St. Louis company, which runs 215 shoe stores in 34 states, ran low on cash and defaulted on a loan on one of its major credit agreements.

It plans to continue an existing plan to reorganize the company by selling up to 52 leases to Aldo U.S. Inc., closing other stores and selling off merchandise from closed stores.

Pending court approval, the company has obtained financing that will allow it to operate while it restructures. It says its 215 existing stores remain open.