Allbirds has agreed to sell its intellectual property along with selected assets and liabilities to American Exchange Group (AXNY) in a $39 million deal, a move that sets the footwear brand on a path toward winding down its corporate entity after shareholder approval.
The transaction was reviewed by a committee of independent directors and subsequently received unanimous backing from the Allbirds Board of Directors. Completion is still conditional on a vote by Allbirds’ common stockholders, with the company expecting the deal to close in the second quarter of 2026.
As part of the process, Allbirds said it plans to file a proxy statement by 24 April 2026 outlining the terms and seeking shareholder consent for the Allbirds IP sale as well as the company’s dissolution following the asset transfer.
If approved, Allbirds expects to return net proceeds to shareholders—after accounting for wind-down expenses—during the third quarter of 2026.
CEO Joe Vernachio framed the transaction as a handover that gives the brand an opportunity to continue under a new owner. “We are incredibly thankful to our teams for the work they have been doing to fuel our product engine, build awareness of Allbirds and deliver an engaging customer experience. Over the past decade, Allbirds has evolved into a lifestyle footwear brand known for modern design, innovative materials and unparalleled comfort. This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead.”
The agreement follows restructuring steps announced earlier this year, as Allbirds sought to simplify operations and push toward a more sustainable business model centred on lifestyle footwear. In January, the company said it intended to close its remaining full-price US stores by the end of February 2026, while shifting emphasis toward e-commerce, wholesale relationships and international distributor partnerships.
As of September 2025, Allbirds operated 23 stores—21 in the US and two outside the country.
Financial pressure has been a key backdrop to the strategic reset. In its third-quarter fiscal 2025 results, Allbirds reported a net loss of $20.3 million, or $2.49 per share. Net revenue fell 23.3% year on year to $33 million, which the company attributed largely to its shift of certain international markets to distributors and the impact of planned store closures.
Allbirds said previously that it intended to expand the distributor model internationally and continue reducing its domestic retail footprint, reinforcing the pivot toward lower-cost, partner-led growth.
TD Cowen is serving as financial adviser to Allbirds on the deal, while Holland & Hart is acting as legal counsel for the transaction with AXNY. If approved by shareholders, the Allbirds IP sale would transfer control of the brand’s core intangible assets and support a formal wind-down of the public company later in 2026.
