According to multiple industry sources, Swedish retailer Sneakersnstuff (SNS) filed for bankruptcy this week. The news comes less than a week after the retailer closed its stores in the United States of America and Japan.
SNS AB (the company behind Sneakersnstuff) is filing for bankruptcy. The news was first reported by Swedish newspapers Ehandel and Dagens industri. According to these two sources, the company’s revenues fell by 10% in 2023, dropping to 581.5 million SEK (around 50 million euros). The company’s profit also declined from 7.5 million SEK to -30.6 million SEK (around -2.5 million euros). According to the company’s annual report, this decline is driven by the negative development of the market.
Erik Fagerlind and Peter Jansen founded Sneakersnstuff in 1999. Starting from a small store in Stockholm, over the past 25 years they have managed to open locations in New York, Los Angeles, Paris, Berlin, Tokyo and London. The SNS brand is considered one of the most important retailers in the footwear industry.
When is Sneakersnstuff closing its stores in Asia and the US?
Norwegian venture capital firm FSN Capital acquired a majority stake in 2018 and currently holds around 60% of the company. While Peter Jansen has kept his position within the company, Erik Fagerlind has remained a partner but stepped down from his role as CEO. According to his statements (via Dagens industri), they could not agree on the company’s and the market’s future vision. Also, according to statements from Peter Jansen (via Instagram), the company has a new business plan and hopes that this bankruptcy will help it recover financially.
The stores in London, Paris and Berlin remain open. The store in Stockholm is temporarily closed. The online store also remains open.
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Vlad Ciutacu is a writer based in The Hague, Netherlands. He has been working in the footwear industry for more than a decade, with hundreds of pairs in his collection. His favourite models are the Air Jordan 1 and the Nike SB Dunk Low Pro. Find him on Facebook, Twitter, and Instagram.
