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- Allbirds was founded in 2015 and soared to prominence with its iconic wool sneaker.
- The company went public in November 2021. Shares rose 90% on the opening day of trading.
- Sales have since slowed and the company reported a nearly 27% decline in quarterly revenue.
Allbirds is trying to turn the corner on a challenging chapter.
The shoemaker, famous for its wool sneakers worn by tech bros and VCs, reported another quarter of falling sales in August, with quarterly revenues down nearly 27% to $51.6 million.
With the closure of 14 underperforming stores, CEO Joe Vernachio told investors the past 18 months have been a period of reinvention for the company as it looks to reinvent itself in a leaner, more focused organization.