According to reports, Skins Footwear filed for Chapter 7 liquidation on August 14 having failed to secure the financing it needed.

The filing, which was made at Delaware bankruptcy court, estimates that the shoe company has assets of no more than $50,000 and liabilities of up to $50 million.

Since its inception in May 2004, the New Jersey-based company has accrued $16 million in losses.

Skins manufactures a two-part, interchangeable footwear structure consisting of outer collapsible ‘skins’ and an inner orthopaedic support section called the ‘bone’. The design allows consumers to purchase one inner section, the ‘bone’, and numerous outer ‘skins’, resulting in multiple style variations from the same pair of ‘bones’.

Share this story: