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Debt-Laden Toms Shoes Taken Over by Creditors in Exchange for Restructure

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Toms Shoes has been taken over by creditors in exchange for a debt restructuring as the former one-for-one brand brand struggles to pay off its debts.
Toms founder Blake Mycoskie at the brand's 10-year anniversary event in 2016.
CREDIT: Shutterstock

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Just over a month after Toms Shoes announced it would be ending its one-for-one giving model, the B Corp shoe brand has announced an agreement to cede control to creditors in exchange for a debt restructuring plan. According to a Reuters report, Toms Shoes LLC will now be jointly owned by Jefferies Financial Group Inc.,…

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