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Nine West files for bankruptcy, will sell some brands

Nine West to file for bankruptcy as soon as this week Modal Trigger Moment Editorial Getty Images
Conrad Doyle | 07 April, 2018, 05:34

The Chapter 11 filing in NY lists debts of more than $1 billion.

Authentic Brands Group will submit an initial bid for the Nine West and Bandolino footwear and handbag business, and an auction will test the market for higher offers, according to the statement.

Nine West Holdings, which owns the Nine West and Anne Klein brands, has filed for bankruptcy.

Sources told the publication that the company plans to sell the intellectual property of its flagship brand to Authentic Brands Group (ABG), which reportedly intends to team up with a partner for the acquisition.

Nine West Holdings will receive $300 million United States dollars in debtor-in-possession financing and plans to sell its footwear and handbag businesses, Nine West and Bandolino.

They also plan to "convert the capital structure to allow for continued growth and investment in its profitable One Jeanswear Group, The Jewelry Group, the Kasper Group, and Anne Klein businesses while ensuring minimal disruption during the restructuring process". He added that the changes should help the company to "be well positioned for the future". On Friday, according to Fortune, Nine West Holdings announced it filed for Chapter 11 bankruptcy to deal with its nearly $1.5 billion in debt. Claire's filed for bankruptcy last month, and Toys "R" Us in September. Nine West may be able to match that, and then the two bargain shoe brands can tap dance on the graves of all the other retail shops that have shuttered recently. The toy seller said recently that it is closing or selling all of its United States stores.

Retailers have been struggling to compete with online retailers like Amazon, and suffering from the death of the mall.

Nine West carried one of the most severe debt loads in the retail industry.

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