One of the biggest names in the sneaker resale world pulled the plug on his business last week and seemingly scrubbed himself from social media yesterday, leaving customers with outstanding orders said to exceed millions of dollars in total.
Michael Malekzadeh, owner of Zadeh Kicks LLC, filed to voluntarily dissolve the company on May 19 in the circuit court of Lane county in Oregon, citing its rapid growth as rendering him unable to maintain the business. A message posted to its website yesterday afternoon states that a court-appointed receiver, David P. Stapleton, has taken over handling of the LLC’s assets.
The news spread quickly on social media, with hundreds of Zadeh Kicks customers coming forward to share their experiences—a small amount positive, but the majority of them horror tales of amounts as high as six figures tied up in the LLC’s dissolution. Because Zadeh Kicks operated primarily by offering preorders, buyers would pay months in advance for the product, meaning there are still an untold number of unfulfilled orders.
While much of the talk around the case hinges on speculation, these are the facts we know thus far.