The Walking Company Goes Chapter 11
Shoe Company Principals Commit to Reorganization Plan
Santa Barbara-based shoe corporation The Walking Company, which also owns Big Dog, filed for bankruptcy in early March. Though profits had improved through 2017, the comfort-shoe company was unable to replace sales lost when Deckers Brands pulled UGG shoes from its stores in 2016, according to court documents. Unexpected inventory devaluation by its lender added to the financial impact of fewer shoppers in malls. Company principals, including founder and CEO Andrew Feshbach, have agreed on the Chapter 11 reorganization plan — including an infusion of $10 million in equity, $50 million in financing, and negotiating with landlords to reduce lease amounts — to come out of bankruptcy in 90 days.
