Shiekh Shoes Files For Bankruptcy After Owing Nike Over $16 Million

West Coast-based sneaker and streetwear retailer Shiekh Shoes has filed for Chapter 11 bankruptcy after incurring over $16 million in debt to Nike alone. The retailer has been reportedly seeking financing for some time in an effort to avoid this move, but obviously the efforts have been unsuccessful. The company’s owner, Shiekh Ellahi, points to the shrinking demand for brick-and-mortar retailers in an already highly competitive space as the cause of the company’s apparent downfall. As of now, Shiekh Shoes operates around 120 stores in 10 different states, all of which are very clearly now in jeopardy.

Source: Reuters