Just for Feet - #31
Founded in 1977 in Birmingham, Alabama, Just For Feet rapidly became a household name and one of the fastest-growing athletic shoe chains in the United States. By 1999, it boasted over 140 superstores across 25 states and Puerto Rico.
What set Just For Feet apart were its innovative store features. The stores werenโt just about shopping; they were ๐๐ฅ๐๐๐๐๐๐๐ก๐๐๐:
โ Customer loyalty programs that gave you a free pair after buying twelve.
โ An in-store snack bar serving Chicago-style hot dogs and popcorn.
โ The "Combat Zone" clearance section, where deals were as low as $9.99.
โ Vendor concept shops for brand lovers.
โ In-store appearances by sports legends like Michael Jordan and Shaquille OโNeal.
The chain expanded through acquisitions in the early 90s, taking over regional stores and eventually becoming a major player in the athletic retail scene.
According to The Wall Street Journal: 'Just for Feet collapsed in 1999 amid accounting fraud. Three former executives pleaded guilty to crimes related to a scheme to overstate earnings by $8 million between 1996 and 1998. ๐๐ง ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐, ๐๐ฎ๐ฌ๐ญ ๐ ๐จ๐ซ ๐ ๐๐๐ญ ๐๐ข๐ฅ๐๐ ๐๐จ๐ซ ๐๐ก๐๐ฉ๐ญ๐๐ซ ๐๐ ๐๐๐ง๐ค๐ซ๐ฎ๐ฉ๐ญ๐๐ฒ ๐ฉ๐ซ๐จ๐ญ๐๐๐ญ๐ข๐จ๐ง, ๐๐ง๐ ๐ข๐ง ๐ ๐๐๐ซ๐ฎ๐๐ซ๐ฒ ๐๐๐๐, ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ฒ ๐ฐ๐๐ฌ ๐๐จ๐ซ๐๐๐ ๐ข๐ง๐ญ๐จ ๐๐ก๐๐ฉ๐ญ๐๐ซ ๐. "Footstar, Inc. (parent company of Footaction USA) purchased the Just For Feet name and the leases of over 70 stores in February 2000. Stores that remained opened continued to do business under the Just For Feet name until Footstar itself filed for Chapter 11 protection in 2004 and the last of the Just For Feet stores closed." [Wikipedia]
The Founder's "son pleaded guilty to criminal charges and was sentenced to a 20-month prison term. Just for Feet's auditor, Deloitte & Touche agreed to pay $24 million, and five former outside directors agreed to pay $41.5 million โ one of only 13 cases in the past 25 years where outside directors of public companies have made out-of-pocket payments and one of the largest ever settlements. (Enron's 10 directors paid only $13 million)." [Wikipedia]
