A popular athletic retail chain, Soleply, has filed for bankruptcy in another worrying sign for US stores, amid reports tens of thousands are expected to close this year.
Soleply, which has stores in New Jersey, Pennsylvania, Delaware, Maryland, Connecticut and Rhode Island, has been a popular store on the East Coast, selling premiere sneakers. They sell branded footwear including Nike's, Air Jordan's, Asics, Adidas Yeezy's, as well as high-end street brands such as Stussy, Guess and Fear of God Essentials.
But it has become apparent that the stores may face closure, applying for Chapter 11 reorganization bankruptcy, a tool that allows a business to restructure its debts and operations while continuing to stay open in the hopes of becoming solvent and profitable again.
Initially based in Cherry Hill, New Jersey, the chain filed its Subchapter V petition on March 21 in the U.S. Bankruptcy Court for the District of New Jersey, listing $1 million to $10 million in assets and liabilities. No further reasons have been given for their bankruptcy.
The company has over 60,000 followers on their Instagram pages, with fans regularly travelling long distances to pick up a new pair of Jordan's which they've been able to get in to their stores.
The beloved sneaker store could become just the latest to close in the United States this year, with new research estimating that as many as 15,000 retail outlets could shut down in this year alone.
A report from Coresight Research, which specialises in the retail and technology industry, had projected that the aforementioned number of stores would be forced to close down this year - which would be double the amount that had to close in 2024. Last year had been the highest number of stores closures since 2020, when the Covid-19 pandemic hit.
Earlier this month, iconic retailer Macy's announced that it will be closing 150 stores in the next two years, as part of the company's "Bold New Chapter" plan to redesign the company as sales have plummeted. This looks to be the same approach that Soleply, to a lesser extent, is undertaking.
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