The sneaker resell market is buzzing with rumors and tension following recent events surrounding Wethenew. This French platform, once a major player in the sneaker world, is now at a critical point in its existence. But what exactly is going on?
What happened to Wethenew?
On August 6, 2024, Wethenew was placed under court supervision by the Paris commercial court. In simple terms, the company was facing massive financial troubles and couldn’t pay its debts. The court gave Wethenew a chance to come up with a recovery plan in the hope that they can get their business back on track. While court supervision often signals impending bankruptcy, it’s not yet certain for Wethenew. They are working hard on a solution to pull through this crisis.
What does this mean for suppliers?
Wethenew has communicated directly with their suppliers to provide instructions on how to secure their unpaid claims. According to the Paris Commercial Court’s ruling, Wethenew has entered into receivership proceedings, and they have included their suppliers on the list of creditors. If you are one of these suppliers you can secure your claim.Wethenew has provided detailed instructions on how to do this:
- Log in to the court-appointed agent's website: Visit this link.
-
Use your credentials: Enter your username (
xxxxxx) and password (xxxxxx) to access your account. -
Submit necessary documents: Provide the required sales slips or invoices and your bank details. If your files are too large, you can email them to
cthomas@axyme.fr. - Confirm your details: Ensure that all information is correct and submit your debt confirmation. You can track the progress of your claim by logging in with your credentials.
Wethenew has expressed deep regret for the current situation and is committed to protecting the interests of their suppliers. They will continue to provide updates as the situation develops.
The impact on the resell market
Wethenew’s troubles are also affecting the entire resell market. If Wethenew goes bankrupt, it won’t just shift market shares to competitors; it could also lead to a scarcity of rare sneakers, driving up prices. Moreover, previous issues with other resell platforms like Kikikickz and Restocks have already shaken consumer confidence by their bankruptcy. The uncertainty surrounding Wethenew only adds to the tension.
What does the future hold: Bankruptcy or recovery?
At this point, it’s hard to say what the future holds for Wethenew. Some people think bankruptcy is inevitable, while others believe the company could still make a comeback if the recovery plan succeeds. Wethenew has shown in the past that they’re adaptable and can respond to market changes, but whether that will be enough to survive this crisis remains to be seen.
For now, Wethenew is not bankrupt, but the next few months will be crucial. Anyone interested in the resell market will be closely watching these developments.
Stay informed
The future of the resell market in France is exciting and uncertain. Keep an eye on our blog for the latest updates and in-depth analysis.
