In less than 48 hours after it was announced that YCMC<\/a> would cease its online operations, recently revealed<\/a> court documents in the state of Maryland confirm that the chain, known as Shoe City, has filed for Chapter 11 bankruptcy<\/a>.<\/p>\n\n\n\n The DMV staple currently has 39 stores with nearly 400 employees across full-time and part-time positions. <\/p>\n\n\n\n According to court documents, YCMC has an unpaid principal balance of $3,164,122.29 as of March 28, 2023. Additionally, the debtor estimates $16 million in outstanding unsecured debt, which is most likely due to trade debt to vendors. <\/p>\n\n\n\n YCMC will cease sales operations by May 31, 2023, in an effort to pay the pre-lender in full. <\/p>\n\n\n\n The original story from April 3, 2023, can be found below. <\/em><\/p>\n\n\n\n Mid-Atlantic sneaker retailer YCMC<\/a><\/strong> is closing its online webstore for good. The company announced the closure via Twitter, following its sitewide sales promotions that launched in March.<\/p>\n\n\n Thank you for shopping at https:\/\/t.co\/bl4rknvXd0<\/a> – We are proud to have served your online shopping needs in recent years.<\/p>\n We have made the difficult decision to cease operations for https:\/\/t.co\/bl4rknvXd0<\/a><\/p>\n \u2014 YCMC by Shoe City (@iamYCMC) April 3, 2023<\/a><\/p><\/blockquote>\n
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