In another sign that the retail world is going through tough times, beloved boot and footwear brand Freebird is on the verge of collapse.
Once hailed as a trendy alternative to giants like Steve Madden, the Denver-based chain has quietly closed most of its stores — and things could soon get even worse.
From Fashion Darling to Financial Distress
Freebird started back in 2009 and quickly made a name for itself with its edgy, niche-style boots and footwear.
Shoppers across the U.S. loved the brand’s rebellious Western vibe.
But fast-forward to 2025, and Freebird is clinging to survival — having already shut down 14 of its 20 brick-and-mortar stores.
What went wrong? According to the company, a mix of rising wages, sluggish consumer spending, and lingering supply chain headaches — worsened by the return of Trump-era tariffs — have all played a part in their downward spiral.
KeyBank Sues as Financial Troubles Go Public
The full extent of Freebird’s financial crisis became public last month when KeyBank sued the company to reclaim $15.4 million in debt.
That lawsuit kicked off a dramatic shift in control: the court handed management over to Ampleo, a financial turnaround firm.
Ampleo’s consultant, Doug Charboneau, didn’t sugarcoat the situation.
He told the court Freebird is facing a “severe liquidity crisis.” In other words, they’re rapidly running out of cash.
Supplier Trouble Piles on the Pressure
Unfortunately for Freebird, the issues don’t end with the bank debt.
The company also owes $6 million to a Mexican manufacturer that previously supplied the vast majority—about 85%—of its products.
To make matters worse, that supplier has now ceased operations altogether.
This means Freebird isn’t just in debt — it’s also running out of inventory.
Store Closures and Possible Liquidation Loom
Ampleo is now scrambling to salvage what’s left.
They’re currently in talks with two potential buyers, hoping for a sale that could give the brand a second chance.
But time is running out. If no deal is struck soon, Freebird will be forced to shut down four more stores, leaving it with just two locations.
At that point, a bankruptcy filing and full liquidation may be the only way forward.
Everything Must Go — With No Returns
As the brand teeters on the edge, shoppers might find some major bargains.
Freebird has made it clear that all in-store and online sales are now final, and returns are no longer accepted.
Essentially, they’re trying to move product as quickly as possible — even if it means closing the doors for good.
Another Footwear Brand Hits the Skids
Freebird isn’t alone in its struggles. Just a few weeks ago, another popular shoe retailer, Soleply, filed for Chapter 11 bankruptcy in New Jersey.
Known for selling high-end kicks, including Kanye West’s Yeezys, Soleply operates six locations across the northeastern U.S.
Court filings show the company is drowning in up to $10 million in debt — part of a larger trend plaguing the footwear industry.
Even Giants Like Nike Are Feeling the Pinch
It’s not just indie brands that are struggling. Even Nike, one of the biggest names in global sportswear, recently reported a shocking sales plunge.
The company saw a 9% drop in sales in the first quarter of the year — a hit worth $1.16 billion.
This wave of financial strain across the industry paints a bleak picture for footwear retailers — large and small — navigating today’s unpredictable economy.
What’s Next for Freebird?
Whether Freebird finds a buyer or is forced to shut its doors entirely, one thing’s clear — the retail shoe game isn’t what it used to be.
For now, fans of the brand might want to act fast if they’re hoping to snag a final pair of those iconic boots.