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Nine West files for reorganisation under Bankruptcy Code
11
Apr '18
Courtesy: Nine West
Courtesy: Nine West
Nine West Holdings, Inc., a leading footwear, accessories, women’s apparel, and jeanswear company, has filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code. The petition will help the company to right-size its capital structure around its profitable and growing businesses, including One Jeanswear Group and Anne Klein.

The petition will also facilitate the sale of Nine West and Bandolino footwear and handbag business.

In conjunction with the restructuring, Nine West received $300 million in debtor-in- possession financing and it has entered into a Restructuring Support Agreement (RSA) with parties that hold or control over 78 per cent of its secured term debt and over 89 per cent of its unsecured term debt.

“This is the right step to address our two divergent business profiles. We will retain our strong, profitable and growing apparel, jewellery, and jeanswear businesses and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth. Once we complete the reorganisation process, our company will have meaningfully reduced debt and interest costs and be well positioned for the future,” said Ralph Schipani, Nine West Holdings’ chief executive officer.

“At the same time, we are initiating a process to sell our Nine West and Bandolino footwear and handbag business and have a purchase commitment from a dedicated owner with the resources and know-how to support these businesses for long-term success,” he added. (RKS)

Fibre2Fashion News Desk – India


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