Popular sneaker retail chain closing over 100 stores
The chain has other things on the table including hundreds of remodels to existing stores.
Sneakers have been having an extended moment.
Sneakerhead culture has moved into the mainstream, and it's no longer uncommon to see a man wearing a suit along with Jordans. That Nike-owned brand has sort of created its own fashion, along with a different set of rules.
In addition, we're at an unprecedented time for new sneaker brands. Yes, Nike dominates, but new players like Hoka and NoBull have found markets and long-standing companies including Reebok, Adidas, Puma, and Brooks have found their own markets to serve.
Related: Aldi acquires multiple locations from bankrupt retail chain
The sneaker retail space, though, has been very challenging. Nike has worked to move some of its business to a direct-to-consumer model. That has included some limited-edition, high-end "sneaker drops," which previously would have driven customers to shoe stores.
In some cases, Nike has simply cut its offerings to some retailers. In others, it dropped some partners entirely.
Nike has, however, learned that direct-to-consumer is a very challenging model.
