Soleply, the upscale sneaker chain known for carrying coveted brands like Nike’s Air Jordans and Kanye West’s Yeezy, has filed for Chapter 11 bankruptcy in New Jersey, raising concerns about its future.
The company’s filing reveals it is seeking to exit multiple leases, as well as two unopened stores. Several landlords have threatened legal action over the lease terminations, seeking compensation for unpaid rent, lost income, and potential contract penalties.
While Soleply once operated six locations, financial struggles have forced the closure of four. The company is now consolidating around its strongest-performing store in Cherry Hill, N.J., which remains open. However, the filing indicates that another location may soon be vacated.
According to court documents, Soleply has debts of up to $10 million. The Chapter 11 filing will allow the retailer to continue operations while restructuring its finances to regain stability. Known for selling limited-edition sneakers and high-end streetwear brands like Stüssy and Fear of God Essentials, the fate of Soleply’s remaining store remains uncertain.
Soleply is the latest retailer to file for bankruptcy following in the steps of Party City, Big Lots, Joann, Forever 21 and more.
