Oh, the magic and drama of the sneaker and resale industries. From buying sneakers for retail to finding the right place to resell them, it’s a battlefield out there. However, it usually goes pretty smoothly. Unfortunately, sometimes shady things happen, and today’s case is very much like that. So, what’s up with Restocks declaring bankruptcy? Will the sellers get the pairs they sent out back and the money they’re owed? And will the buyers who won’t get their pairs get their money back? Let’s find the answers to all these questions right now.
First, A Little Restocks Recap
Before we dive into the scandalous side of things, what’s Restocks? Well, it’s one of the pretty famous resale platforms in the European resale market. The Dutch platform was pretty legit and people conducted thousands of dollars worth of business on there. But well, even the best ratings and reviews aren’t that efficient when it comes to bankruptcy. So, what went down in 2023? Let’s check it out, shall we?
Restocks Files for Bankruptcy
If ifs and buts were candy and nuts, we’d all have a merry Christmas. – Don Meredith
This saying doesn’t hit too far from home, especially with how things went down for Restocks. The owner had pretty big and ambitious plans for the growth of the platform. These plans involved money, a lot of it coming from all the transactions on the platform. But oh well, these ambitious growth goals came crashing down because the problems spiraled out of control. And though business went on as usual, a lot went down in the background.
So, after the struggles to keep up with the demand and transactions, Restocks finally caved. The platform filed for bankruptcy in November 2023 and emailed its users informing them of the decision. Read on for the contents of the emails:
“Dear Restocks community,
We inform you that on 14-11-2023, the bankruptcy of Restocks BV was declared. Therefore, our website has been immediately closed for purchases and sales. The trustee is currently investigating the possibilities for handling ongoing orders, sales, and returns of consignment items. More information on this will follow soon.
We ask you to await further notice.
Thank you for your understanding.
Kind regards,
Restocks”
The Internet Reacts to the News
Obviously, as a seller who’s owed hundreds, if not thousands, of dollars from Restocks, you wouldn’t take the news lightly. There’s even a Facebook group under the name of “ANTI-RESTOCKS.NET”. That group includes many individuals from different parts of Europe who want to take legal action against the platform.
And to rub salt into the wound, Restocks sent an update later. In that update, they claimed that they wanna return 17,000 pairs to their owners. However, the sneaker owners will have to pay the return fee themselves as Restocks can’t. Oh, and that should happen within three days or they will miss out on getting their kicks back. You can read the full statement here.
Now, while the Restocks bankruptcy itself would make anyone mad, the update was a pretty new low. So, whether people will get their money and sneakers back remains a mystery for now. In the meantime, we recommend splitting your assets into multiple resale platforms… just in case. Godspeed!
