The retailer has been in business for 74 years.
The Baltimore Business Journal reports that a failed sale to Arklyz Group, the parent company of The Athlete’s Foot, combined with suppliers’ refusal to provide high-end products and new sneaker releases, has led to the chain’s demise.
A Chapter 11 bankruptcy petition was filed by Shoe City, which also operates as ESCO, Ltd., and YCMC, in federal court in Maryland on April 3. According to chief restructuring officer Stanley W. Mastil, “Unfortunately, after 74 years in business, the Shoe City legacy has come to an end…the Debtor remains a family-owned business to this day, with members of the founding family and their trusts holding the debtor’s equity.”
Thank you for shopping at YCMC. We are proud to have served your online shopping needs in recent years.
We have made the difficult decision to cease operations for YCMC. Orders previously placed will be processed and shipped provided the merchandise is available. We will continue to process any and all returns from orders placed prior to this announcement.
Should you have any questions regarding a previous order or a process, please direct your inquiries to [email protected]
Again, thank you for letting us serve you.
The company’s largest unsecured creditors, according to Footwear News, include New Balance, which is owed $1.596 million; Timberland, due $1.407 million; and Puma, owed $1.351 million. Additionally, Nike is owed $664,023, Under Armour $622,697, Adidas $360,630, Fila $199,897, Asics $137,351, and Reebok $134,457.
Shoe City, which was founded in 1949 in Baltimore as Eileen Shoes and rebranded to Shoe City in 1980, will close all of its stores by May 31. Closing sales began on Thursday, with the remaining store inventory marked down by 10 to 30 percent or more.
The company’s Ellsworth Place location opened in 2016.
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