Allbirds, a popular shoe brand, is closing its remaining full-price stores in the U.S. by the end of February to focus on e-commerce and partnerships. This move is part of the company’s strategy to drive profitable growth and reduce costs. Allbirds will maintain two outlet stores in the U.S. and two full-price stores in London.

Originally starting in Silicon Valley, Allbirds went public in 2021 and was part of the direct-to-consumer trend. Now, facing rising rents and the importance of digital presence, the company, along with other DTC brands, is transitioning away from physical retail. Allbirds has experienced a 23.3% decrease in net revenue compared to the same period last year.

Despite having a $32 million market cap, Allbirds’ stock has dropped over 80% in the past two years. The company is adapting to the changing retail landscape by shifting its focus towards online sales and reducing its brick-and-mortar presence to ensure long-term sustainability.

Read more at CNBC: Allbirds becomes latest retailer to close brick-and-mortar stores