Beloved Steve Madden rival closes down 14 stores amid retail bloodbath
A much-loved footwear chain has shuttered the majority of its stores as it teeters on the edge of bankruptcy.
Freebird, founded in Denver in 2009, rose to prominence selling a range of boots and other niche footwear.
However, the brand -once a rival of major brands such as Steve Madden - has fallen on tough times and has now shuttered 14 of its 20 locations.
The retailer has blamed the rising cost of staff wages, dips in consumer spending and supply chain issues made worse by Trump's recent tariffs.
The company's woes were laid bare last month when KeyBank sued in an attempt to recoup some of the $15.4 million they claim Freebird owes the bank, The Sun reported.
A court ordered financial firm Ampleo to take control of the company and instigate turnaround efforts.
Ampleo consultant Doug Charboneau soon told the court that Freebird was in a 'severe liquidity crisis.'
On top of its KeyBank debt the footwear maker also owes $6 million to the Mexico-based manufacturer that supplies 85 percent of its products.
However, this supplier has now ceased operations, according to the publication.
Ampleo said it is in negotiation with two companies interested in buying Freebird.
However, if a deal is not forthcoming then it will close four more of its remaining stores.
This would leave Freebirds at risk of a bankruptcy filing and full liquidation.
As the chain's future looks uncertain shoppers may be able to pick up sale bargains as it tries to shift its inventory.
All sales in store and online are now final, and returns will not be accepted.
It comes just weeks after another popular shoe chain filed for bankruptcy as in-person store's continue to struggle in a tough retail landscape.
Soleply, known for its high-end brands like Kanye West's Yeezy, filed for Chapter 11 bankruptcy in New Jersey back in March.
Freebird were sued by KeyBank over unpaid debts of more than $15 million
The brand has fallen on tough times and has now shuttered 14 of its 20 locations
Soleply filed for Chapter 11 bankruptcy in New Jersey back in March.
Soleply - which also sells t-shirts, sweatshirts, jackets and hoodies - has up to $10 million in debts, according to court filings.
The premier sneaker retailer currently has six locations across Delaware, Connecticut, Maryland, Rhode Island, New Jersey and Pennsylvania.
Major footwear brands are also struggling with Nike recently reporting a shocking sales collapse.
Nike's sales dropped 9 percent in the first quarter of the year, a staggering $1.16 billion drop.
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