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Shoe brand Allbirds
on Wednesday became the latest retailer to shift its focus from physical stores to online retail to increase profitability.
The company announced that it will close its remaining full-price stores in the U.S. by the end of February to instead use its resources for e-commerce and partnerships.
“This is an important step for Allbirds, as we drive toward profitable growth under our turnaround strategy,” CEO Joe Vernachio said in a statement. “We have been opportunistically reducing our brick-and-mortar portfolio over the past two years. By exiting these remaining unprofitable doors, we are taking actions to reduce costs and support the long-term health of the business.”
