In a sudden move, online retailer Shoes.com announced on January 27 that it would be halting business immediately.
All 3 of the company's online properties, Shoes.com, OnlineShoes.com, and ShoeMe.ca were taken offline, and its two physical stores in Toronto and Vancouver were closed on Friday.
Shoes.com employs approximately 200 people, who were also made aware of the closure on January 27. The company said in a press release that employees will be compensated through the end of January, although a small group are expected to stay on over the next few weeks as the retailer ties up loose ends.
The company is said to be working with its lenders in order to come up with a plan to liquidate its assets. Shoes.com also intends to file bankruptcy for all or some of its companies.
Shoes.com, OnlineShoes.com, and ShoeMe.ca reportedly served 8 million people across Canada and the United States. There's currently no word on liquidation sales, or how current customers can process returns and exchanges.
Are you surprised to hear about the sudden closure of Shoes.com and ShoeMe.ca? Share your thoughts in the comments below!