Rockport Files for Bankruptcy — Again — Retail Bum

Shoemaker Rockport has filed for bankruptcy for a second time in five years amidst mounting debt obligations.

The company’s bankruptcy filing highlighted that it had generated $203 million in revenue, but it was still “left with an inadequate liquidity cushion to survive further economic challenges.”

The company said it owed its top five creditors nearly $47 million and almost $100 million in funded debt obligation, approximately $61 million of which is due in August 2023.

The 52-year-old company was first sold to Reebok for $118 million, and after three decades, it became an independent entity under Adidas. Later in 2015, the brand was sold to a joint venture led by Berkshire Hathaway and New Balance.

Unfortunately, Rockport’s separation from Adidas left the company on an unsteady financial footing, leading to the company’s first bankruptcy in 2018. The Chapter 11 filing prompted the company to simplify its business and focus on casual products with the goal of attracting younger shoppers. The company also closed all its physical stores and reportedly shifted its focus to eCommerce.

Despite these efforts, the pandemic severely impacted the company’s business, resulting in increased overhead costs and a decline in demand. These challenges caused the…