After the Unlimited Footwear Group was granted a payment deferral in the past few days and then had to file for bankruptcy, the shoe brand Nubikk is buying back all of the group’s shares, Nubikk BV announced in a press release. Nubikk will again take over all shares in its own company from March 4th thanks to the company’s “financial health and successful growth”.
The company did not disclose the amount Nubikk paid for the shares. The fact that Nubikk is now the owner again does not change how the company operates.
Under the wing of Unlimited Footwear Group, Nubikk focused on achieving synergies and economies of scale, which the brand will now continue independently. “We are determined to maintain our strong position in the European market and continue the high-quality collections we are known for. We are confident about the next phase of Nubikk as an independent company,” said Daan Baeten, founder of Nubikk, in a press release.
Nubikk webshop and Amsterdam store closed after payments stopped
As a result of the payment suspension and subsequent bankruptcy, Nubikk’s webshop was closed on February 16th. On February 20, the Dutch shoe company’s Amsterdam store also remained closed. Both reopened their doors on Friday March 1st.
“This decision was based on the unprocessed returns that could not be processed at this time. We made this decision consciously in order to protect the interests of our customers as best as possible,” says Baeten. The Nubikk stores in Antwerp and Munich remained open during this time.
Unlimited Footwear Group was declared bankrupt on February 27th. According to the bankruptcy administrator, the Dutch shoe company probably failed due to the effects of the Corona crisis, delivery problems from China and the war in Ukraine. The insolvency case, together with the bankruptcies of several companies, affects a total of 180 employees, of which 150 will be laid off in the Netherlands. The damage amounts to 30 million euros.
This translated article previously appeared on FashionUnited.nl