Allbirds Inc. is planning to cease operations only four years after the once-buzzy footwear company went public with a more than $4 billion valuation.
American Exchange Group, whose brand portfolio includes Aerosoles and Cliffs by White Mountain, agreed to buy all of Allbirds’ assets and intellectual property for about $39 million, according to a statement— less than 1% of what the company was once worth.
Allbirds initially grew popular among Silicon Valley workers with its basic eco-friendly wool sneakers. But early excitement around the brand gave way to product missteps and increased competition that eroded its value.
The ...
