Last year, everyone in the business community was astounded when then-16-year-old Chase Reed took his love for sneakers to the next level by selling his personal 200-pair collection to open a sneaker pawn shop. It was thought to be a sound investment for someone so young and eager to start their own business.
However, what was thought to be an astounding accomplishment for a teenager was allegedly a marketing scheme to create buzz around the business. It was not considered a viable option taken by a newbies, but a clever marketing plan orchestrated by adults with profit in mind.
According to the New York Post, several of Sneaker Pawn's employees insist that it was all a front. Troy Reed, the teen's father, claimed the shop was completely his son's vision and was seeded by the sale of his collection, but ex-business partner Damon Taylor claims the sneakers were not Chase's and that he was just used to give the shop a younger presence.
“We took his son and put his son as the face,” Taylor told the Post.
The article also reported that Reed did not collect sales taxes or adequately compensate employees. Former employee Damaries Negron said that they failed to pay her, but offered her a share in the company instead.
In a industry as big as sneakers, the idea of a sneaker pawn shop should've been successful without shady business practices and a front.
However, what was thought to be an astounding accomplishment for a teenager was allegedly a marketing scheme to create buzz around the business. It was not considered a viable option taken by a newbies, but a clever marketing plan orchestrated by adults with profit in mind.
According to the New York Post, several of Sneaker Pawn's employees insist that it was all a front. Troy Reed, the teen's father, claimed the shop was completely his son's vision and was seeded by the sale of his collection, but ex-business partner Damon Taylor claims the sneakers were not Chase's and that he was just used to give the shop a younger presence.
“We took his son and put his son as the face,” Taylor told the Post.
The article also reported that Reed did not collect sales taxes or adequately compensate employees. Former employee Damaries Negron said that they failed to pay her, but offered her a share in the company instead.
In a industry as big as sneakers, the idea of a sneaker pawn shop should've been successful without shady business practices and a front.