Allbirds to Wind Down After Selling Assets for Just $39 Million

Allbirds Inc. is planning to cease operations only four years after the once-buzzy footwear company went public with a more than $4 billion valuation.

American Exchange Group, whose brand portfolio includes Aerosoles and Cliffs by White Mountain, agreed to buy all of Allbirds’ assets and intellectual property for about $39 million, according to a statement — less than 1% of what the company was once worth.