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AloStar Commits $20MM to Shiekh Shoes LLC

May 16, 2017, 07:20 AM
Filed Under: Retail

AloStar provided a $20 million commitment to Shiekh Shoes LLC, a limited-edition footwear and apparel retailer in Ontario, California.

Founded in 1991, Shiekh Shoes is the largest independent sneaker retailer on the West Coast. The retailer operates more than 120 stores across the U.S. with locations in Arizona, California, Illinois, Michigan, Nevada, New Mexico, Oregon, Texas and Washington. In 2016, Shiekh Shoes acquired Karmaloop, a popular streetwear e-commerce site, for an undisclosed amount. 

“AloStar took the time to understand our business,” said Shiekh Ellahi, founder and CEO of Shiekh Shoes. “They listened to our needs and provided us with a solution that perfectly aligned with our current and future business goals.”

AloStar’s customized capital solution expanded the company’s borrowing capacity and created additional liquidity for future growth opportunities. 

“Our team worked to create a loan agreement with the advancement of Shiekh Shoe’s financial strategy and development in mind,” said Andy McGhee, president and CEO of AloStar. “They worked hard to carve out a space for themselves in the retail footwear industry, and we are proud to be part of their success story.”   

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