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Update (04/04):
In less than 48 hours after it was announced that YCMC would cease its online operations, recently revealed court documents in the state of Maryland confirm that the chain, known as Shoe City, has filed for Chapter 11 bankruptcy.
The DMV staple currently has 39 stores with nearly 400 employees across full-time and part-time positions.
According to court documents, YCMC has an unpaid principal balance of $3,164,122.29 as of March 28, 2023. Additionally, the debtor estimates $16 million in outstanding unsecured debt, which is most likely due to trade debt to vendors.
YCMC will cease sales operations by May 31, 2023, in an effort to pay the pre-lender in full.
The original story from April 3, 2023, can be found below.
Mid-Atlantic sneaker retailer YCMC is closing its online webstore for good. The company announced the closure via Twitter, following its sitewide sales promotions that launched in March.
Thank you for shopping at https://t.co/bl4rknvXd0 – We are proud to have served your online shopping needs in recent years.
We have made the difficult decision to cease operations for https://t.co/bl4rknvXd0
— YCMC by Shoe City (@iamYCMC) April 3, 2023
While the sitewide sales may have been a foreshadow of what was to come, the closure still comes as a shock as YCMC has been a staple throughout the Mid-Atlantic area and recently released a number of collaborative New Balances including the YCMC x New Balance 990v3, as well as the New Balance 990v3 “Blaze Your Own Trail.”
The e-commerce department of YCMC is ceasing operations. The physical stores will remain open. https://t.co/QBmZ3YRUHq
— Nice Kicks (@nicekicks) April 3, 2023
Although the website will cease to exist, it seems that YCMC has intentions of keeping the retail locations open for business. YCMC has been a foundational pillar in the Mid-Atlantic sneaker community, which has been best demonstrated through its giveback initiatives and gatherings like the YCMC Conversation of Influence: A Discussion on the Cultural Significance of the New Balance 990.
YCMC’s plan of action moving forward includes processing all previously placed orders, as well as returns placed prior to the closure announcement. For those that have any questions regarding a previous order or a process, please direct your inquiries to [email protected].
Nice Kicks will continue to update with any new information. For more sneaker news and release dates, follow @NiceKicks on Twitter.
