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Canadian owner of Nine West’ stores fills for bankruptcy protection

Jul 14, 2015 Canada
Canadian owner of Nine West’ stores fills for bankruptcy protection
Toronto-based importer, wholesaler, and retailer Sherson Group sought bankruptcy protection last week, according to filings
Sherson Group, a Canadian distributor and retailer of footwear and accessories, is the licensed distributor of Nine West shoes in the country, also holding the Canadian rights to brands such as Anne Klein, Easy Spirit, Bandolino, Flogg, and Mootsies Tootsies.

The group operates more than 45 Nine West locations in Canada.

Sherson’s largest creditors include Nine West Group Inc. (US), which licenses the Canadian rights of the brand to Sherson and supplies the shoes, handbags and jewellery for the stores , Bank of Montreal, BDC Capital, and also its Chairman and CEO Stephen Applebaum.

Richter Advisory Group is serving as the trustee in the restructuring operations and has listed the rising foreign-exchange costs, allied to underperforming stores and a highly competitive retail environment as the main causes of the financial trouble hitting the Sherson group.

The filing, under the Bankruptcy and Insolvency Act, allows Sherson to continue operating while a proposal for creditors is prepared, which will ultimately be put to a vote.  As for the retail networking is business as usual with the stores operating as normal and the company is still running its business.

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