Footwear retailers have faced a challenging market since the Covid-19 pandemic in 2020, as several chains liquidated stores in bankruptcy or closed stores in out-of-court restructurings.
Just before the pandemic began in January 2020, major shoe retailer Payless Shoesource emerged from bankruptcy after closing down about 2,500 stores and winding down its e-commerce operations. The company had filed for Chapter 11 bankruptcy a second time in February 2019.
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After emerging, it focused on its international operations.
Related: Iconic bookstore chain files for Chapter 11 bankruptcy
Westbrook, Maine-based Olympia Sports sneaker chain filed for Chapter 11 bankruptcy in September 2022, liquidated its assets and shut down.
Baltimore-based Shoe City, which operated 39 stores in Maryland, Virginia, and Washington, D.C., filed for Chapter 11 bankruptcy in March 2023, liquidated, and shut down all stores by the end of May 2023.
In December 2023, athletic shoe retailer Foot Locker revealed that it would close 275 of its namesake locations by 2026 in addition to closing 125, or half, of its Champs Sports stores
Along with shoe retailers, footwear brands filed for bankruptcy over the last two years.
Shoe company Rockport Group in June 2023 filed for Chapter 11 bankruptcy and sold its assets to Authentic Brands Group.
Florida-based Shoes for Crews, which makes slip-resistant outsoles for work shoes, in April 2024 filed for Chapter 11 bankruptcy to reorganize and sell its assets to its first-lien lenders with a stalking-horse credit bid. The company emerged from bankruptcy in July 2024.
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Sneakersnstuff files for bankruptcy, closes locations
Finally, the Swedish parent of global shoe retailer Sneakersnstuff has filed for bankruptcy protection in Sweden facing financial distress, the company revealed on its website on Jan. 20.
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Stockholm-based SNS AB filed for bankruptcy after closing retail stores in New York and Los Angeles. It also closed a namesake bar in New York. The company still operates stores in Berlin, London, Paris and Stockholm.
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Financial challenges force sneaker chain into bankruptcy
"Due to prolonged financial challenges as a result of a global decline in the limited-edition sneaker market, SNS AB (the Swedish entity of Sneakersnstuff) has filed for bankruptcy," the company wrote on its website.
"This means that all customers based outside of the U.S. and U.K. will not be able to return any orders placed on Sneakersnstuff.com from the last month and for the foreseeable future.
"We are truly sorry for any inconvenience caused and will continue working hard to overcome these challenges. If you have any questions, please contact customer service," the message said.
"All other international entities, meaning SNS physical stores in Paris, Berlin, and London will continue operating as usual," the message concluded.
Sneakersnstuff was established in 1999 and grew to seven global locations, including in New York, Los Angeles, London, Paris, Berlin, and Stockholm.
The company's SNS label offers a variety of apparel and sneakers, and the retailer boasts the latest hard-to-find sneaker releases such as Adidas Consortium, Nike x Off-White, and NikeLab Collections. Brands include Aries, Needles, Perks and Mini, South2 West8, ByBorre, Thisisneverthat, and The North Face.
It also features classic sneaker brands Nike Air Force 1, Nike Air Max 1, Air Jordan 1, Converse All Star, Adidas Stan Smith, Adidas Campus, Puma Suede, and New Balance.
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