The present invention is directed to a shoe having an upper and a sole including an elastic closure and fit system for securing and fitting a shoe to a foot. Elastic material is secured along the base of the upper on the medial and lateral sides of the shoe. A plurality of straps are separately and independently attached at their lower end to the elastic material. The straps are made of a substantially inelastic material. Lace openings are positioned at the upper ends of the straps and a lace is disposed in the openings. As the lace is drawn, the straps are tightened about the foot to place under tension the elastic material disposed along the medial and lateral sides of the foot.