Nine West Files for Chapter 11

NORTH AMERICA– Nine West Holdings, a portfolio of brands including Nine West, Anne Klein and Gloria Vanderbilt, has filed for Chapter 11 bankruptcy in the U.S.

License Global

April 9, 2018

RetailDive.com is also reporting that ABG has bid $200 million for IP tied to Nine West and Bandolino.

NORTH AMERICA– Nine West Holdings, a portfolio of brands including Nine West, Anne Klein and Gloria Vanderbilt, has filed for Chapter 11 bankruptcy in the U.S.

Through the “capital restructuring,” the company will look to sell its Nine West and Bandolino footwear and handbag business as well as tailor its capital structure to fit its profitable endeavors including One Jeanswear Group, The Jewelry Group, the Kasper Group and Anne Klein.

Additionally, the company has received $300 million in debtor-in-possession financing and has entered into a Restructuring Support Agreement with parties that hold or control more than 78 percent of its secured term debt and more than 89 percent of its unsecured term debt.

Nine West follows a bevy of specialty brick-and-mortar stores facing bankruptcy, a trend that can be attributed to a rise in online shopping and changing consumer behavior.

"This is the right

step to address our two divergent business profiles. We will retain our strong, profitable and growing apparel, jewelry, 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,” says Ralph Schipani, chief executive officer, Nine West Holdings' “Once we complete the reorganization process, our Company will have meaningfully reduced debt and interest costs and be well positioned for the future.

According to

RetailDive.com

, Authentic Brands Group has bid $200 million for IP tied to the company’s Nine West and Bandolino brands.\