Swedish sneaker company Sneakersnstuff (SNS) has filed for bankruptcy, according to Nordic media site Ehandel. We reported last year that SNS temporarily closed its New York and Los Angeles stores, and now the company is permanently shutting down all U.S. locations along with its operations in Japan. Adding to concerns, CEO Fredrik Malm stepped down in October 2024 and has yet to be replaced..
Company co-founder Peter Jansson is hopeful that SNS will continue to operate its European locations, though the store in Sweden is currently closed. SNS in Berlin, London and Paris remain open.
In a post on Instagram, Jansson wrote, “Thanks for all the support from our staff, customers, suppliers and collaboration partners during these 26 years! Despite the struggle the last couple of years, it’s been an amazing journey. We’ve come a long way in the restructuring of SNS and I really believe in our new business plan. In combination with a reset from the bankruptcy, I hope SNS will be able to continue this journey.”
In a 2024 financial report, the company spoke to a challenging environment, writing, “In addition to the discontinued collaboration between Adidas and Yeezy from Q422, the sales development of the largest brands, with a few exceptions, has been sharply negative. The most important category of products has also been negatively affected by changing customer behavior. The company has taken major measures to reduce costs.”
Norwegian venture capital firm FSN Capital acquired a majority of Sneakersnstuf in 2018 and currently owns 60 percent of the company. Co-founder Erik Fagerlind departed from SNS in 2022 but still serves as a board member of the company.
It’s been a tough stretch in the sneaker space. Stadium Goods recently closed its Howard Street store in SoHo, and Converse shuttered its location on Broadway in the same neighborhood.
