Not so fast twinkle toes.
Skechers is suing retail partner Sears Holding Corporation for being a copycat.
The lifestyle footwear brand is claiming in a California District Court that Sears has infringed on the Skechers Shape-ups toning product, Skechers Z-Strap and Skechers Twinkle Toes lines sold in both Sears and K-Mart brick-and-mortar locations as well as TheraShoe, Melrose Avenue, Paris Blues and Athletech online properties.
Philip Paccione, General Counsel of Skechers, stated in a press release:
“SKECHERS has invested tremendous resources into designing, developing and marketing our SKECHERS Shape-ups, Twinkle Toes and Z-Strap product lines. We have obtained more than 150 patents and trademarks on these lines, and have built them into brand names universally recognized around the world as synonymous with SKECHERS.”
“While we value our relationship with Sears, their actions are causing us tremendous damage, and we simply cannot let any company, let alone a company the size of Sears, infringe on our most valuable intellectual property.”
Skechers shares closed up 1.67% to $20.05 while shares of Sears Holdings Corporation closed up 0.96% to $84.04 at the end of today’s trading session.