Dive Brief:
- Chris Quinn took over as CEO of Shoes for Crews on Jan. 1, the company said last month. Quinn had served as a director of the slip-resistent footwear maker since August.
- As part of the leadership transition, CEO Donald Watros retired on Dec. 31 after serving in the role since 2017. Watros will stay on as a senior adviser, per a press release.
- The appointment comes less than a year after Shoes for Crews filed for Chapter 11 in April and exited bankruptcy in July following a sale to its first lien secured lenders.
Dive Insight:
Before joining Shoes for Crews, Quinn was CEO of iDesign, a global houseware company. His past roles also include serving as president and CEO of Step2 Company, a toy and outdoor goods manufacturer, and as executive vice president of sales and retail at New Balance.
“From a long list of technology innovations to completely restructuring the business, we have logged a great number of successes,” Watros said in a statement. “I'm looking forward to handing the baton onto my trusted successor, Chris, who will no doubt stack on more wins onto our growing list.”
Shoes for Crews said in its Chapter 11 court filings that inflation, an overall downturn in retail, consumers’ shift to online shopping and having to absorb the overhead costs of supporting brick and mortar during the pandemic combined to push the company into a liquidity crisis.
Chapter 11 enabled the company to eliminate more than $300 million of debt. And now, with bankruptcy in the past and a new leadership board in place, Shoes for Crews can focus on innovation and developing new designs and technology in slip-resistant footwear, Quinn said in a statement.
The company also revamped its board of directors in October.
Shoes for Crews has a physical store in Las Vegas, according to its website, but otherwise primarily operates through a business-to-business and direct-to-consumer sales model, the company said in bankruptcy filings. B2B sales were nearly 76% of revenue in 2023. The Florida-based company began producing slip-resistant shoes in 1984.
