Footasylum, a popular shoe retailer in the UK, has been forced to sell its assets and operations to JD Sports after they were unable to pay off their debts. Footasylum had previously filed for bankruptcy protection back in September of 2016 due to £78 million worth of debt. This leaves many consumers wondering what will happen with their orders that are being processed through this company now.
Footasylum sells a variety of shoes from various brands, some include Adidas, Converse, Clarks and Reebok. In the bankruptcy filing it was stated that the company owed nearly £89 million to creditors whereas they only have assets worth £9 million. Footasylum had been going through tough times for a while now with their sales decreasing due to a large increase in competition from known brands such as JD Sports and Footlocker. Their store locations have also been cut down by 31% over the last two years, leaving them with 162 retail stores spread throughout the UK.
Recently, there was a “going out of business sale” at their website which indicates that they may be completely shutting down.
The company has yet to make a comment on how they plan to move forward and we should expect more information as we get closer to the end of the month when their bankruptcy hearing takes place. Rest assured that our team will keep you updated with any developments regarding this story!
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We’re glad to report that adidas has finally addressed the outrage of fans by releasing a statement on their website . They apologize for any misconceptions and assure everyone that they will continue to release Yeezys in the future.