Allbirds becomes latest retailer to close brick-and-mortar stores in shift to online focus [CNBC]
Allbirds, Inc. (BIRD)
Company Research
Source: CNBC
Key Points The company will continue to operate two outlet stores in the U.S. and two full-price stores in London. It joins a growing number of companies prioritizing being digitally native over physical retail. In this article A woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021. Al Drago | Bloomberg | Getty Images Shoe brand Allbirds on Wednesday became the latest retailer to shift its focus from physical stores to online retail to increase profitability. The company announced that it will close its remaining full-price stores in the U.S. by the end of February to instead use its resources for e-commerce and partnerships. “This is an important step for Allbirds, as we drive toward profitable growth under our turnaround strategy,” CEO Joe Vernachio said in a statement. “We have been opportunistically reducing our brick-and-mortar portfolio over the past two years. By exiting these remaining unprofitable do
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