Canadian online footwear and apparel retailer Shoes.com Technologies Inc announced it shut down operations as of January 27th. The company, which was backed by Canadian merchant bank Hardy Capital Partners, took its three e-commerce properties offline and closed its two brick-and-mortar stores in Vancouver and Toronto. It said it was working with secured lenders to liquidate assets and intended to assign some or all of the affiliates into bankruptcy. In 2015, Shoes.com raised $45 million in a private placement deal. At the time, the company was expected to launch to an initial public offering.
SHOES.COM announces that it will be shutting down operations as of today
VANCOUVER, BC–(Marketwired – January 27, 2017) – SHOES.COM (the “Company”) announces that it will be shutting down operations as of today.
The Company will take all three of its e-commerce properties — SHOES.com, OnlineShoes.com and ShoeME.ca — offline, along with closing the two SHOES.com brick-and-mortar stores in Vancouver and Toronto. Employees were made aware of the decision this morning, and have been compensated through the end of the month. The Company is working with its secured lenders to determine the process to liquidate assets and currently intends to assign some or all of the group companies into bankruptcy.
A limited group of employees will stay on through the next few weeks as the Company winds down all operations.
Photo courtesy of Reuters/Michaela Rehle