New Steps, the Dutch Waalwijk-based company that owns the Yellow Cab brand, filed for insolvency on May 23 in the bankruptcy court of Zeeland-West-Brabant. The court appointed S.M.P. Jacobs as the receiver. Yellow Cab was rather well-known in the 1990s for its original heels and prints, which appealed to young people. The brand was taken over by New Steps in 2007 after the demise of its previous owner, the Royal Shoe Company, after a shift in sourcing from Europe to the Far East that caused damaging fitting problems and delayed deliveries to the stores. The new owners shifted the production back to Portugal. Founded in 1991, the brand enjoyed annual sales of about 500,000 pairs at its peak.