Cashing in on sneakers.

• Position: BUSINESS - Brief article

Chase Reed was obsessed with sneakers--he had about 200 pairs. So the 17-year-old 11th-grader at Frederick Douglass Academy in New York City decided to turn his passion into a business. Chase recently opened the world's first pawnshop that uses high-end, collectible sneakers as collateral. His store, Sneaker Pawn, buys and resells new and used sneakers from collectors who want to make money off their rare kicks. Anyone needing a loan can pawn their shoes: They have 60 days to pay off the loan plus interest; otherwise Chase gets to sell their sneakers. His business partner is his dad, Troy, who runs the shop while...