SOURCE: The Walking Company

The Walking Company

February 02, 2010 12:35 ET

The Walking Company Holdings, Inc. Submits Reorganization Plan to Emerge From Chapter 11

Company Plans to Pay All Trade Debts and Keep 207 of Their Nationwide Comfort Footwear Locations Open

SANTA BARBARA, CA--(Marketwire - February 2, 2010) - The Walking Company Holdings, Inc. (PINKSHEETS: WALK) (www.thewalkingcompany.com; www.bigdogs.com) today filed a reorganization plan under which the company intends to keep 207 of its 214 (over 96%) current store locations open and pay off all of its debts and future obligations to trade creditors. Working closely with its bank, landlords, vendors, and shareholders the company was able to restructure its balance sheet and long-term financial obligations. As a result, The Walking Company Holdings, Inc. believes it is well positioned to move forward as a financially strong retailer.

"Today our company took a major step forward in the process of emerging from chapter 11. I want to commend all of the professionals working on behalf of the company -- the unsecured creditors committee, landlords, financial institutions, and otherwise -- on their diligence in achieving this result," said Andrew Feshbach, CEO of The Walking Company. Feshbach further stated, "Though the plan still requires bankruptcy court approval and must go through the proper vetting process, it calls for an outstanding result for all stakeholders, including our landlords, vendors, lending institutions, bondholders, over 1500 employees and our shareholders."

The Walking Company Holdings hopes that the reorganization plan will be accepted by all relevant parties and believes it is well positioned to emerge from chapter 11 sometime this spring.

ABOUT THE WALKING COMPANY HOLDINGS, INC.

The Walking Company Holdings, Inc. (the "Company") consists of its The Walking Company and Big Dogs subsidiaries. The Walking Company is a leading independent specialty retailer of high-quality, technically designed comfort footwear and accessories that features premium brands such as ECCO, Dansko, UGG Australia, MBT and Aetrex, among many others. These products have particular appeal to one of the largest and most rapidly growing demographics in the nation. The Walking Company operates over 210 stores in premium malls across the nation. Big Dogs develops, markets and retails a branded, lifestyle collection of unique, high-quality, popular-priced consumer products, including active wear, casual sportswear, accessories and gifts.

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