Allbirds, a sustainable footwear brand founded in New Zealand, is set to close all its full-price stores in the US by the end of February.
“This is an important step for Allbirds, as we drive toward profitable growth under our turnaround strategy,” said Joe Vernachio, CEO.
“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.”
Founded in 2015 by former professional footballer Tim Brown, Allbirds created a wool fabric made for footwear, after looking at the properties of Merino wool. The company claims to have made an “entirely new category of shoes”.
Allbirds operates three stores in New Zealand. In 2021, it received a valuation of US$4 billion at its IPO. Its January 2026 market cap sits at US$33 million.
The company said it will be dedicating resources to its e-commerce business. It will continue to operate two outlet stores in the US, and two full-price stores in London.
Full-year earnings are expected to be reported in March.
