The assets of an online-focused footwear retailer are being offered for sale (the name of which will be provided upon execution of an NDA, hereafter “Shoe Retailer”). Prior to the Covid-19 Pandemic, Shoe Retailer had over $100 million in revenues and operated 70 retail store locations, supported by a 50,000 sq. ft. distribution center and corporate offices in Southern California. However, as a result of the pandemic, Shoe Retailer has repositioned itself primarily as an online footwear retailer, with $11 million in 2022 revenue, with the same distribution center and offices.   As a result of the disruption caused by the pandemic, Shoe Retailer has determined to liquidate through an orderly sale of its assets.

Onyx Asset Advisors, LLC (“ONYX”) has been retained to conduct a sale process.  A stalking horse offer has been received and ONYX is currently soliciting parties to overbid the stalking horse offer.  To the extent a qualified overbid is received, an auction will occur.  Upon ONYX’s receipt of an executed copy of the attached NDA, interested parties will be given access to a data room, which includes Shoe Retailer’s legal name, financial information, the stalking horse offer and bid procedures.

Process Timeline

1. Due Diligence period – June 24, 2022 to July 22, 2022
2. Qualified Overbid Deadline – 5:00 p.m. (PT), Friday, July 22, 2022
3. Auction – Monday, July 25, 2022
4. Closing – on or before Friday, July 29, 2022

Company Overview

Shoe Retailer is an omnichannel footwear retailer, selling through brick & mortar stores, a branded website and various ecommerce marketplace accounts, including Amazon and Walmart.  Its primary merchandise categories are trendy footwear, bags, and accessories, comprising a curated selection of over 25 brands. The company’s customer base is 65% female and 35% male, mostly aged 12-30. By revenue, the company’s top-performing states are CA, TX, FL, NY, and WA.

Shoe Retailer’s inventory is adaptable and distributed in all sales channels, including proprietary direct website and marketplace accounts. The company has over ten years of experience on the marketplace channels and is a top-rated seller on Amazon, having exceptional customer reviews and ratings.

Shoe Retailer continues to operate its 50,000-square-foot distribution center and its nearby 10,000-square-foot office in support of its various online operations and two remaining retail stores.  Shoe Retailer currently has 50 employees.  The company uses a suite of enterprise software solutions to analyze the following areas: inventory, purchasing, profit analysis, product discovery, replenishment, order allocation, fulfillment, pricing optimization, and marketing.

On-Site Due Diligence / Inspections (warehouse and office)  

Available Dates:            Wednesday, July 6 & Thursday, July 7, 2022

Wednesday, July 13 & Thursday, July 14, 2022

For additional information, including full access to the data room, questions or to schedule an inspection of the facilities, please return an executed copy of the attached non-disclosure agreement to Paul Buie at pbuie@thinkONYX.com