American Exchange Group Acquires Allbirds for $39 Million

Edgen Stock

·Mar 31 2026, 01:21

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Key Takeaways

American Exchange Group has agreed to purchase the assets of struggling footwear brand Allbirds, marking a significant consolidation in the fashion accessories market. The deal provides a lifeline for the once-high-flying sustainable shoe company while expanding AXNY's diverse brand portfolio.

Deal Structure: American Exchange Group (AXNY) will acquire all assets and liabilities of Allbirds for an estimated $39 million, with the transaction expected to close in the second quarter of 2026.
Allbirds' Financial Distress: The sale follows a period of sharp decline for Allbirds, which saw its third-quarter net revenue fall 23.3% and closed all its remaining full-price U.S. stores in February.
Strategic Rationale: The acquisition allows AXNY, an active brand acquirer, to absorb a well-known sustainable footwear brand, while Allbirds shareholders will receive net proceeds after the public company is wound down.

American Exchange Group Inks $39 Million Deal for Allbirds

American Exchange Group (AXNY) entered a definitive agreement on March 30, 2026, to acquire all assets and liabilities of footwear maker Allbirds for an estimated $39 million. The deal, negotiated by a special committee of Allbirds' independent directors, is subject to shareholder approval and is expected to be finalized in the second quarter of 2026. Following the announcement, shares of Allbirds (NASDAQ: BIRD), which closed at $2.98 on Monday, experienced a notable increase in after-hours trading. The transaction will ultimately lead to the dissolution of Allbirds as a public company, with net proceeds distributed to stockholders in the third quarter of 2026.

Allbirds Revenue Fell 23.3% Before Strategic Sale

The acquisition marks the end of a difficult chapter for Allbirds. The company, once a direct-to-consumer success story that sold one million pairs of its signature wool sneakers in its first two years, has faced significant financial headwinds. In the third quarter of 2025, Allbirds reported that its net revenue had declined 23.3% year-over-year to $33.0 million. The company also posted a net loss of $20.3 million for the quarter. These struggles culminated in the company closing its remaining full-price U.S. stores in February 2026, a strategic retreat from a brand that had grown too quickly and lost focus on its core products.

AXNY Adds Sustainable Brand to Growing Portfolio

For American Exchange Group, the acquisition of Allbirds is a strategic addition to its growing roster of owned and licensed brands. AXNY operates as a brand management firm and has a history of acquiring and revitalizing labels, with a portfolio that already includes Aerosoles, White Mountain, Ed Hardy, and Born. Integrating Allbirds adds a well-known name in the sustainable footwear sector, providing a platform for potential revitalization under new management.

This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead.

— Joe Vernachio, CEO of Allbirds.