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There have been a variety of shake-ups in the sneaker industry thus far in 2023. Just in recent months, we’ve seen the closures of storefronts like EastBay and wellgosh, and now, it looks like another may suffer the same fate—Baltimore-based retailer YCMC.
YCMC Files For Bankruptcy
On Friday, March 31st, 2023, ESCO, Ltd., or YCMC filed for Chapter 11 bankruptcy. Court filings reveal DMV area, YCMC (also known as Shoe City for its physical locations), owes millions of dollars (in total) across hundreds of creditors. Those they owe money to range from suppliers to leasing partners. At the top of the list is frequent collaboration partner New Balance.
Established in 1949, "Shoe City" first opened in Baltimore and was a family-run operation until 2022. In 2022, ESCO LTD. (aka DBA Shoe City) was acquired by Arklyz, which also owns The Athletes Foot.
YCMC Closes Online Website
Following the Chapter 11 Bankruptcy filing, YCMC took to social on April 3rd to announce that they were ceasing their online operations. Upon visiting their website, users are now greeted with a message that states:
“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.”
YCMC's Future
As is the case with any Chapter 11 bankruptcy, YCMC has taken these steps as a means of restructuring their business. This indicates that YCMC would continue to operate in some capacity despite the closure of the company's online site. Rumors suggest that the way in which the business will continue to operate will be through Shoe City's brick and mortar locations staying open.
According to YCMC, anyone who placed orders on their online site prior to April 3rd should still receive their products as long as the merchandise is available. The company also mentioned that they will still process returns from orders placed before their announcement.
YCMC's closure of their online operations is definitely an interesting move amid the company's choice to file for bankruptcy. Especially considering that operating the e-commerce side of a business tends to have far less operating costs as compared to brick and mortar locations. It's too early to tell exactly how this will all play out, but we'll be sure to keep our eyes pealed for any new developments. Keep it locked to our Twitter and the Sole Retriever mobile app to stay updated on YCMC’s online closure and for the latest happenings in sneakers, streetwear, and more.
