Investors were “really attracted by the opportunity to put their capital against a great opportunity to create outcomes that are better for the planet.”
“We know that digital is the new normal. The consumer today is digitally grounded and simply will not revert back."
The company had seen the two futuristic shoe plants in Germany and the U.S. as a way to "reinvent manufacturing."
A Chapter 11 filing would be the second for the shoe retailer in less than two years amid heavy debt and online competition.
Same-store sales rose only 0.5% but the company remains confident it will deliver stronger growth in the second half of 2018.
After a tough Q3, a 47% surge in international sales helped revenue beat estimates in Q4 but North America showed another decline.
The struggling retailer's key metrics all declined in Q3 but Wall Street was expecting a "much more severe fall from grace."
The company's "days of glory, when it would post double-digit uplifts in sales, are over," one analyst says.
The footwear chain plans to significantly reduce its store count as it focuses on its wholesale and e-commerce channels.
The footwear retailer says Q2 earnings will come in much lower than expected as it adopts an anti-takeover "poison pill."
The company's CEO faults its suppliers for its Q2 results, saying there was "limited availability of innovative new products in the market."
