Footwear News spoke with restructuring expert Michael Appel of Appel Associates LLC to get his read on retail and the shoe industry against the backdrop of tariffs and what to expect in 2026.

Footwear News: It has been a roller coaster year for fashion brands and retailers dealing with Trump’s reciprocal tariffs and tariff uncertainty for most of 2025. What’s your thinking on the impact on brands and retailers as we look to 2026?

Michael Appel: I’m certainly expecting stress. I’m expecting more bankruptcies and restructurings on the vendor end than on the retailer end because retail bankruptcies are usually the result of too much leverage and poor management.

FN: How should the footwear industry plan for next year?

MA: The problem everyone is facing is uncertainty. If t

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