Chrome - How to delete all bookmarks & folders?

In the latest version of Chrome, Google changed the way bookmarks and bookmark folders are displayed. Now I cannot figure out how to easily delete all bookmarks and their folders. I can delete the bookmarks one folder at a time, but this is *very* time consuming. Am I missing something?

I tried to import my bookmarks from IE (which has the latest bookmarks that I want in all browsers - IE, Chrome, Firefox) but Chrome just created a new folder with something like 'Imported from IE' and did not change the existing Chrome bookmarks.

What am I missing?

 

Thank you for your help. I disabled the new bookmarks manager. The help available from Google was not effective. I have over 40 bookmark folders and I could not find a way to delete all of them at once.

Frankly I think the new bookmarks manager is a terrible design. If this becomes the only bookmark manager, I will drop chrome and just use firefox.