$6 Billion Vanished, 4000+ Stores Shut: China's Shoe King Is Doomed!

Once a thriving giant in the Chinese footwear industry, Guirenniao, also known as the "Shoe King," has faced a staggering downturn over the past six years, with losses exceeding 40 billion yuan and the closure of over 5,000 stores. Its storefronts have perpetually displayed clearance sales and 50% off signs. Meanwhile, the founder of Guirenniao, who once possessed assets worth 19 billion yuan, has now become a "default debtor" with a debt of 3.4 billion yuan.
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