Another one bites the dust.
Shiekh Shoes LLC has joined a growing list of retailers that have flocked to bankruptcy court in recent months to seek Chapter 11 protection.
The Ontario, Calif.-based sneaker seller, which last year acquired streetwear e-commerce site Karmaloop, last week filed its petition in the U.S. Bankruptcy Court for the Central District of California, listing the value of its assets as between $50 million and $100 million — equal to the estimated value of its liabilities.
The retailer joins companies such as The Limited, BCBG, Wet Seal and Eastern Outfitters that have sought Chapter 11 protection during the past two years amid frantic digital shifts and other changes in consumer spending patterns. (Firms such as Payless ShoeSource and Aeropostale are among those to have recently filed bankruptcy and successfully emerge from the process.)
Several major athletic brands have landed in the list of creditors owed big bucks by Shiekh Shoes, which operates around 120 stores in 10 different states.
Here, we round up seven such companies and what they’re due. (The following list is derived from Shiekh Shoes’ bankruptcy filing and its list of top 20 creditors with the largest unsecured claims.)
- Nike: $16 million
- Timberland: $1 million
- Adidas: $674,177
- Puma: $532,944
- Vans (VF Imagewear Inc.): $388,780
- Converse: $295,040
- Under Armour: $253,461