We use to have a Big Dogs store here in Iowa at the Tanger Outlet Mall in Williamsburg, Iowa. But it has disappeared, so I got to wondering why. Here is what I found out.
Big Dogs was owned and operated as Big Dogs holdings. They also owned The Walking Company. back in 2004, Big Dogs operated 189 Big Dog Stores and 73 The Walking company stores across the country according the their Oct 1, 2004 info release.
According to the November 2007 release, Big Dog Stores were down to 138, but The Walking Company stores were up to 173 nationwide and they were buying up other companies.
Then in the May 2008 release it was announced the Big Dogs was going to change the name of the company from Big Dogs to The Walking Company. At this time there were 100 Big Dog stores and 199 The Walking Company stores.
By their November 2008 release it was official the name of the company was changed to The Walking Company. By this time the Big Dog stores were down to 71 from their 189 four years earlier and The Walking Company Stores were up to 207 from the 73 in 2004. By now it was evident that Big Dogs was starting to become a sideline business.
Now today if you got to www.bigdogs.com and click on the Store Finder at the bottom of the page, there is only 8 stores listed, A far cry from what once was. If you click on the about, it clearly shows Big Dogs is now owned and operated as The Walking Company.
And to the demise of the overall company, according to CNN Money the company has filed bankruptcy.
The Walking Company Holdings, Inc. (PINKSHEETS: WALK) www.thewalkingcompany.com; www.bigdogs.com) today filed for voluntary Chapter 11 Bankruptcy Protection in Santa Barbara, CA. The Walking Company is seeking to shed its unprofitable stores and emerge from Chapter 11 in early 2010.
Early in 2009, The Walking Company implemented a major restructuring in order to try to survive the difficult retail environment. As a result of rapidly expanding its store chain between 2005 and 2008, the vast majority of the lease rents for The Walking Company’s stores are now, in the current weak economic environment, at or above the market rates for malls across the United States. While the restructuring was successful on most fronts, The Walking Company was largely unsuccessful getting its landlords to adjust the occupancy costs under its leases. Filing for Chapter 11 will allow the Company to shed its unprofitable stores and emerge financially strong and able to weather this tough retail cycle. The Walking Company plans to file its plan of reorganization within the next few weeks.
“This action is an unfortunate but necessary and responsible step to preserve The Walking Company’s value for its secured creditors, vendors, landlords, additional creditors and employees in light of the ongoing challenging retail environment,” said Andrew Feshbach, CEO of The Walking Company. Feshbach stated further, “We believe our business model is sustainable in today’s world, despite declining consumer spending and mall traffic at present. However, the unfortunate timing of our rapid expansion caused us to enter into lease commitments at what now appears to be the high water mark for retail space. The chapter process will allow us to shed our unprofitable stores and go forward as a financially viable retailer.”
The company’s Chapter 11 counsel is Arent Fox LLP and the Company’s financial advisor is Clear Thinking Group LLC.
ABOUT THE WALKING COMPANY HOLDINGS, INC.
The Walking Company Holdings, Inc. (the “Company”) consists of its The Walking Company and Big Dogs subsidiaries. The Walking Company is a leading independent specialty retailer of high-quality, technically designed comfort footwear and accessories that features premium brands such as ECCO, Dansko, UGG Australia, MBT and Aetrex, among many others. These products have particular appeal to one of the largest and most rapidly growing demographics in the nation. The Walking Company operates over 210 stores in premium malls across the nation. Big Dogs develops, markets and retails a branded, lifestyle collection of unique, high-quality, popular-priced consumer products, including active wear, casual sportswear, accessories and gifts.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995- With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. The actual future sales and other results of the Company could differ significantly from those statements.
CONTACT: Alexis Dilg Investor Information (805) 963-8727, ext. 1303 alexisd@bigdogs.com The Walking Company Holdings, Inc. 121 Gray Avenue Santa Barbara, California 93101 www.thewalkingcompany.com www.bigdogs.com
So who knows what is in store for my beloved Big Dogs clothing stores. To me it does not look like they will return to Iowa any time soon. But as of this posting you can still order online at WWW.BIGDOGS.COM , so get them while you can. /Mike
AND it looks like they don’t have MUCH Left either… too bad! Loved their fun shirts! GUESS it pays to check things out that REALLY matter to one huh? NO ONE ever gives the right answers…or are we lied too so often we don’t know when??