The Vancouver-based shoe company Ingledew’s has declared bankruptcy after being in business for 102 years.
In a message posted on the company website, CEO Dr. William Ingledew said over the past decade, the world of retail has been changed by online shopping. “Innovation in information technology has opened the door for consumers to dramatically increase the scope of their pre-purchase research without ever setting foot into a conventional retail store,” he wrote.
“The simultaneous steady increases in costs of maintaining a physical retail presence, in particular rents, construction costs and costs related to the personnel required to properly operate a professional business have presented unprecedented challenges to everyone with a legitimate retail business.”
Ingledew said that over the past few years, the rapidly changing retail environment, along with escalating rents and wage costs, have caused sales to falter.
“Even our entrance into the world of online sales could not stem the tide of slowly eroding revenues,” wrote Ingledew. “In addition, rapid advances in information technology have not only altered the way many consumers acquire goods today, but it has also seriously impacted the ability of traditional media sources such as newspapers and radio to deliver timely messages to consumers, many of whom rely on a variety of social media platforms for their information. As a result, effective communication with our customers has been severely compromised.”
Over the next few months, the company will be liquidating all inventories and assets.
“To those of you who have favoured us with your patronage over the years, I am extremely grateful as you have enabled our family to provide meaningful employment to hundreds of outstanding individuals over our 102 years. I thank you for your support and for the memories which will last a lifetime,” wrote Ingledew.
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