Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Allbirds Receives a Six Month Notice to Raise Its Stock Price

Allbirds is expanding into wholesale to drum up more demand for its shoes.
Allbirds faces potential delisting if it doesn't raise its share price in the next six months. (Getty Images)

Allbirds on Monday said it received a notice from Nasdaq flagging its share price remaining below $1 for a month. The embattled sneaker seller has six months to trade at more than $1 for at least 10 consecutive days or risk being delisted, but it could receive another six months extension if it doesn’t meet that deadline.

Allbirds’ share price has plummeted more than 90 percent since its IPO in November 2021. Its dismal stock performance reflects the brand’s declining sales in the past year following an expansion into activewear and running shoes. The company’s revenue dropped 15 percent year-over-year to $254 million, and its net losses widened 52 percent to $152 million in 2023.

The notice from Nasdaq comes one month after Allbirds’ co-founder Joey Zwillinger stepped down as chief executive. Zwillinger was succeeded by footwear veteran Joe Vernacchio, who is now responsible for executing the brand’s ongoing turnaround plan, which includes closing at least 10 stores this year and partnering with distributors in overseas markets like South Korea, Japan and Australia. Allbirds is also re-releasing core products in new materials and launching a zero-carbon shoe this year to regenerate demand.

Learn more:

ADVERTISEMENT

Can Allbirds Survive Its Own Turnaround Plan?

An executive shakeup at the embattled sneaker seller adds a new layer of complexity as sales decline and losses widen.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Direct-to-Consumer
How direct-to-consumer brands and retail concepts are reshaping the industry, online and off.
view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024