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A major chunk of Union Square retail opened up on July 17th when cheap, trendy footwear chain Shoe Mania shuttered its three remaining locations. The Union Square spot occupied the corner of 14th Street and Broadway, next to the Whole Foods. For years, it provided locals with Steve Madden flats and shelter from the elements, but it clearly wasn't making enough money to solve Shoe Mania's financial problems. (The presence of DSW up the street can't have helped much.)
Now, Shoe Mania faces even bigger issues in the form of a lawsuit from Bank Leumi, which loaned it $2 million. Bank VP Christopher Goll found out about the closings in the least businesslike way possible: he walked past the 331 Madison Avenue spot and noticed that it was closed. In a recently-filed affidavit, the bank literally accuses the chain of back-stabbing, alleging that Shoe Mania sneakily cleaned out its stores overnight without permission.
· After shuttering stores, Shoe Mania faces lawsuit [The Real Deal]
· Shoe Mania [Official Site]