What happened to Allbirds?

AllBirds Inc. was valued at $4 billion less than five years ago. Now, it will be sold for just $39 million.  The shoe company on Monday announced a definitive agreement with American Exchange Group (AXNY), which involves selling all of its intellectual property, assets, and liabilities. Privately held AXNY owns a number of brands, including Aerosoles, Ed Hardy, and Jonathan Adler. “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,” Allbirds CEO Joe Vernachio said in a statement.  The sale has already been approved by Allbirds’ board of directors, but still requires the go ahead from the company’s common stockholders. Allbirds plans to file its request for stockholder approval by April 24, complete the transaction in the second quarter, and distribute a yet-to-be-determined amount of net proceeds to stockholders in the third quarter. Vernachio continued: