Walking Co. Holdings Inc., which has sold “comfort shoes” from around the world in the U.S. since 1991, yesterday filed for its second bankruptcy in less than a decade, Bloomberg News reported. Santa Barbara, California-based Walking Co. cited the loss of a contract from its largest vendor, UGGs maker Deckers Outdoor Corp., as among the reasons for its bust. “As a result of the difficult environment for store-based retailing in 2017, Walking Co. could not replace the lost UGG sales fast enough,” Chief Executive Officer Andrew Feshbach said in a court declaration. This resulted in its inventory getting appraised at lower levels, leading its lender Wells Fargo & Co. to reduce the amount of capital under a credit line.
