Popular athletic shoe chain files for Chapter 11 bankruptcy
The popular athletic shoe and apparel retailer files for bankruptcy to reorganize its business.
The athletic footwear sector has faced financial distress since the Covid-19 pandemic with several shoe retailers filing for bankruptcy, closing store locations, and sometimes going out of business.
Just weeks before the pandemic, giant shoe store chain Payless ShoeSource in January 2020 emerged from a devastating Chapter 11 bankruptcy it filed in February 2019 after closing down all 2,500 stores and its e-commerce platform. The company would instead focus on its international operations.
