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Nine West emerges from Chapter 11 and renames business

Mar 22, 2019 United States
Nine West emerges from Chapter 11 and renames business
The US-based retailer completed its financial and operational restructuring and emerged from Chapter 11 under the majority equity ownership of CVC Credit Partners and Brigade Capital. Nine West renamed to Premier Brands
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 over 100 million US dollars 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", commented Ralph Schipani, Chief Executive Officer of Premier Brands Group, adding: "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 US dollars and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses."

Mr. Schipani concluded: "I would also like to thank our long-term customers and vendors for their loyalty and support. We look forward to strengthening these important partnerships as Premier Brands Group enters its next chapter of growth and continues to build on its position as a preferred wholesale partner to the world's leading global retailers."

Premier Brands Group

Premier Brands Group Holdings LLC is a jeanswear, women's apparel, accessories and licensing company with a portfolio of brands that includes Anne Klein, Gloria Vanderbilt, Kasper, and Napier. The company is a wholesale partner to major US and international retailers.

Photo by Startaê Team on Unsplash

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