Freebird Boots Closes 14 Stores Amid $15.4 Million Debt Crisis

The iconic Denver-based boot retailer Freebird is facing a major financial crisis as it shutters most of its stores and seeks a buyer.

Denver-based boot retailer Freebird , known for its handcrafted Western-inspired footwear, is facing a dramatic downsizing and uncertain future as it seeks a buyer and grapples with a severe liquidity crisis. According to a report from The Denver Post, Freebird has exited its Cherry Creek corporate headquarters, laid off staff, and is in the process of closing at least 14 of its 20 stores, with more closures looming if a buyer is not found soon.

A Company in Crisis

Freebird’s troubles escalated in May 2025 when KeyBank sued the company for allegedly failing to repay $15.4 million in loans. Since then, Freebird has been under the control of a court-appointed caretaker, the turnaround firm Ampleo. Doug Charboneau of Ampleo detailed the dire situation in a June 9 report, said, “The receiver learned in the first few days that the company remains in a precarious financial situation and a severe liquidity crisis”.

The crisis is compounded by a $6 million debt owed to a manufacturer in Mexico, which supplies 85% of Freebird’s shoes. That manufacturer has ceased operations due to unpaid invoices, leaving Freebird unable to replenish its inventory. Charboneau said, “Without product being shipped to replenish inventory and without any apparent refinancing options remaining, the receiver had to take quick action”.

Rapid Downsizing and Store Closures

On June 2, Charboneau began closing Freebird’s worst-performing stores, vacating its corporate office, and reducing staff. “The receiver has begun closing 14 stores and will close another four on Monday if a buyer isn’t found. That would leave just two stores,” he said. Furniture and computers from the Cherry Creek headquarters have already been removed and are set to be auctioned off.

In a move that may surprise customers, all new Freebird sales are now final, with no returns accepted, as the company seeks to stabilize its finances.

Searching for a Buyer

Ampleo is currently in negotiations with two potential buyers, both of whom have signed nondisclosure agreements. “While a sale outcome remains uncertain, the receiver will continue to pursue that path in tandem with the receiver’s store closure plan to reduce operational costs,” Charboneau said.

KeyBank supports the ongoing downsizing, viewing it as “the best path to achieve the highest value return, but by no means is it anticipated to result in a full recovery,” Charboneau said.

A Legacy at Risk

Founded in 2009, Freebird built a reputation for quality and originality in the boot market. The company’s website describes its mission: “Our company was born out of a love for boots. We set out to create an original design to make your boots as unique as you are. Producing each pair using the time-honored goodyear welt craftsmanship, combining quality with fashion. So once you put on a pair of Freebird boots you feel like you can conquer anything. You are unique and should always stand out from the crowd”.

Despite its loyal following and distinctive brand identity, Freebird’s future now hangs in the balance. If a buyer is not secured, the company could face full liquidation and possibly bankruptcy, although current management is working closely with KeyBank to avoid that outcome.

No Comment from Leadership

CEO Mike Murphy, who founded Freebird in 2009, has declined to comment on the ongoing crisis, while Vice President of Retail Operations Mark Cardinale said, “We are trying to dig into everything ourselves at this moment. We are talking to the attorneys, trying to understand everything”.

As the June 23 deadline for additional store closures approaches, Freebird’s fate remains uncertain, marking a sobering moment for a retailer once celebrated for its commitment to craftsmanship and individuality.