Nine West Emerges from Chapter 11, Rebrands
Nine West Holdings, along with some of its affiliates, has completed its financial and operational restructuring and emerged from Chapter 11 under the majority equity ownership of CVC Credit Partners and Brigade Capital, with a new name–Premier Brands Group.
Premier Brands Group will move forward with a right-sized capital structure, streamlined operational footprint, profitable and growing wholesale and licensing businesses and proven management teams in place. It will have more than $100 million of go-forward liquidity to support its operations and future growth initiatives, as a result of successfully syndicated exit financing facilities led by Wells Fargo and Goldman Sachs.
“We committed at the beginning of this process to emerge with the financial foundation necessary to continue the growth trajectories of our One Jeanswear Group, The Jewelry Group, Kasper Group and Anne Klein businesses–and we are pleased to have accomplished that goal," says Ralph Schipani, chief executive officer, Premier Brands Group. “We have terrific platforms and an intense focus on leveraging their potential, including through new brand licenses and new domestic and international partnerships. In addition, over the past year we have successfully reduced our pre-bankruptcy debt obligations by more than $1 billion and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses. This successful outcome would not have been possible without the commitment of our associates and their dedication to our high quality, high service culture."