Footwear retailer Shiekh Shoes LLC is the latest retailer to step into bankruptcy protection.
The West Coast company filed chapter 11 bankruptcy in California Central Bankruptcy Court on Wednesday. The filing states that Shiekh has $50 million to $100 million in liabilities.
The Wall Street Journal broke the news Thursday, reporting that the filing includes a list of creditors including Nike, which is owed approximately $16 million.
Owner Shiekh Ellahi confirmed last week that the company was talking to four to five banks about funding to avoid filing for bankruptcy. He told Reuters the business was not in default with any creditors or landlords.
The brick-and-mortar retailer, which has about 120 stores across 10 states, struggled to keep up with online competition. The company recently upgraded 61 locations to meet brands’ demands to have their product showcased in more premium environments. The company also added streetwear when it acquired e-commerce site Karmaloop last year.