The Walking Company
| Company type | Public company |
|---|---|
| OTCPINK:WALK | |
| Industry | Footwear |
| Founded | 1991 in Chatsworth, California |
| Founders | Steve Adler and Jim Argyropoulos |
| Headquarters | , |
Area served | United States |
| Products | Shoes |
| Website | www |
The Walking Company (also known as TWC) is an American comfort footwear retailer and a subsidiary of The Walking Company Holdings, Inc., established in 1991 in Chatsworth, California.
History
The concept for The Walking Company (originally called The Walking Store) was developed by co-founders Steve Adler and Jim Argyropoulos following Argyropoulos’ inspiration from European shoe designs during a trip to Europe. In July 1991, they launched their initial self-funded store in Pasadena, California. Despite encountering challenges such as multiple earthquakes and a fire shortly after opening, Adler and Argyropoulos successfully expanded by opening four additional locations within the first year.[1]
Adler credited the early achievements of the company to its dedicated focus on a niche walking shoe market, offering quality footwear at affordable prices aimed at the 56 million Americans interested in walking. He noted in 1992 that "you can't expect to find a good $50 technical walking shoe," adding that their goal was to reduce prices to around $100.[2]
In 2004, Big Dogs Holdings, Inc., headquartered in Santa Barbara, California, acquired TWC, appointing Andrew Feshbach as CEO. At the time of acquisition, The Walking Company operated 72 stores across 28 states.[3]
The company filed for bankruptcy protection in 2009. Initially planning to shut down 90 out of its 210 stores, TWC managed to renegotiate rent terms with landlords and key suppliers, enabling it to exit bankruptcy in April 2010 while maintaining operations at 207 locations.[4]
Following reorganization efforts in 2010, The Walking Company became a subsidiary under The Walking Company Holdings, Inc., alongside Big Dogs, a brand specializing in activewear and accessories.[5][6] By the year 2015, The Walking Company had grown to encompass 212 retail outlets predominantly situated in malls and operated a distribution hub located in Lincolnton, North Carolina.[7]
In March of 2018, the company again sought bankruptcy protection. By June 29 of that year, it announced its emergence from bankruptcy following an infusion exceeding $10 million in new equity capital while concurrently closing 23 out of the then-operating 208 stores.[8]
Additional Brands
The Walking Company also manages the Raffini Umberto and Tara M. labels. In 2009, it introduced the ABEO line, featuring comfort footwear equipped with either integrated or detachable orthotics. By 2010, ABEO had broadened its offerings to include casual and athletic footwear, achieving $3 million in sales and setting a target to increase revenue to $80 million within the subsequent four years.
Footnotes
- ↑ "Great Strives: The Walking Company". Virtual Advisor. 2000. Retrieved 2018-07-12.
- ↑ Franks, Jill (June 1992). "Gotta have Sole". Orange Coast. Orange County, California: Emmis Communications. Retrieved 2018-07-12.
- ↑ Plunkett, Jack (2006). Plunkett's Retail Industry Almanac 2006. Plunkett Research, Ltd. p. 597. ISBN 9781593920555. Retrieved 2018-07-12.
- ↑ "The Walking Company Returns To Bankruptcy Court". SGB Media. 2018-03-06. Retrieved 2018-07-12.
- ↑ "The Walking Company Holdings, Inc. Moves Forward With Its Reorganization Plan". Marketwired. 2010-02-16. Archived from the original on July 4, 2018. Retrieved 2018-07-12.
- ↑ Meier, David (2007-07-17). "Is Big Dogs a Workhorse?". The Motley Fool. Retrieved 2018-07-12.
- ↑ "The Walking Company Opens Nine New Retail Locations in 2010". Santa Barbara Independent. 2011-01-19. Retrieved 2018-07-12.
- ↑ Unglesbee, Ben (2018-07-03). "The Walking Company exits bankruptcy". Retail Dive. Retrieved 2018-07-12.