Sustainable shoe maker Allbirds files for IPO and reveals continued losses

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Allbirds shoes consist of wool, and the laces consist of recycled plastic bottles.Sustainable shoe maker Allbirds said Tuesday it has lost money since its inception and expects it will continue to be unprofitable for the foreseeable future, as it prepares to debut on Wall Street through an initial public offering.Allbirds said it has applied to list its Class A common stock on the Nasdaq exchange under the ticker symbol BIRD.The news follows direct-to-consumer darling Warby Parker revealing earlier this month in a regulatory filing it has seen rising sales, but also widening losses over the last three years. The eyeglass maker is preparing to go public through a direct listing.Allbirds is hoping to cash in on increasing demand, especially among younger shoppers, for products that are sustainably sourced. It launched an activewear line earlier this month, expanding its product assortment beyond its popular wool sneakers.But the company has yet to turn a profit, which could worr
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