Popular Shoe Brand in Jeopardy After Bankruptcy Filing

A shoe brand worn daily by thousands of people is facing some hard times after filing for Chapter 11 bankruptcy.

Hard Times For Shoe Brands

It hasn't been easy for major shoe companies in recent years. According to Ryder.com, the shoe industry took a major blow from inflation.

Not only has this affected shoe brands, but it also has done a number on brick-and-mortar stores that carry footwear. Foot Locker, for example, announced last year that it plans to shutter nearly 400 stores by the year 2026.

Some of this, however, can be attributed to more shoe purchases being made online as shoppers' habits shifted during the COVID-19 pandemic. Power Reviews reported that nearly 75% of all shoes sales are being done online.

Big brands like Nike and Adidas will be more than OK due to their legacy branding and apparel business.

Popular Shoe Brand Files For Bankruptcy

Shoes for Crews might not be the first name you think of when someone says "popular show brands." The company specializes in anti-slip shoes designed for workplace safety.

While there is nothing flashy about "work shoes," Shoes for Crews has been a trusted brand in the industry since 1984.

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According to The Street, the company recently filed for Chapter 11 bankruptcy cited many of the issues that have slowed sales for other shoe brands. The website reported Shoes for Crews has $100 million in assets while also having $500 million to $1 billion in liabilities.

While it might sound like the company is headed into the unknown, Shoes for Crews has submitted a plan for a possible sales transaction to help keep the brand going.

Shoes for Crews is the latest retailer to fall on hard times. Here is a look some brands that have shuttered locations or are planning to close in 2024.