World Footwear

Companies

Nine West near bankruptcy plans to sell footwear

Apr 9, 2018 United States
Nine West near bankruptcy plans to sell footwear
The New York-based footwear, accessories, women's apparel, and jeanswear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt announced that it has filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code
According to the company: “This action was taken to facilitate the sale of its Nine West and Bandolino footwear and handbag business and to right-size its capital structure around its profitable and growing businesses, including One Jeanswear Group, The Jewelry Group, the Kasper Group, and Anne Klein”.

In conjunction with the restructuring, Nine West Holdings received 300 million US dollars in debtor-in- possession financing and the company has entered into a Restructuring Support Agreement (RSA) with parties that hold or control over 78% of its secured term debt and over 89% of its unsecured term debt. Such financing, combined with cash generated from the company's operations, will provide Nine West Holdings with the liquidity necessary to maintain its operations in the ordinary course during its Chapter 11 case.

Ralph Schipani, Nine West Holdings' Chief Executive Officer, commented: "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. Once we complete the reorganization process, our company will have meaningfully reduced debt and interest costs and be well positioned for the future.

"At the same time, we are initiating a process to sell our Nine West and Bandolino footwear and handbag business and have a purchase commitment from a dedicated owner with the resources and know-how to support these businesses for long-term success", Mr. Schipani concluded. 

Nine West Holdings is promptly seeking immediate relief from the Court though the filing of customary "first day" motions that will allow the company to smoothly transition its business into Chapter 11, including, among other things, granting authority to pay wages and benefits, honor programs with retail partners and customers, and pay vendors and suppliers in the ordinary course for all goods and services provided on or after the filing date.

Related Events

  • Jun
    8
    Jun 8-Jun 9, 2025 | Michigan, United States

    Metro-Michigan Women's Wear Market

  • Jun
    10
    Jun 10-Jun 13, 2025 | Dallas, United States

    Dallas Apparel & Accessories Market

  • Jun
    16
    Jun 16-Jun 18, 2025 | LA, United States

    LA Market Week

  • Jun
    18
    Jun 18-Jun 20, 2025 | Salt Lake City, Utah, United States

    Outdoor Retailer

Related Organizations

  • L&HCA - Leather & Hide Council of America

    L&HCA - Leather & Hide Council of America

    United States
  • TUSPM Shoe Museum

    TUSPM Shoe Museum

    United States
  • Brooklyn Shoe Space

    Brooklyn Shoe Space

    United States
  • Chicago School of Shoemaking & Leather Arts

    Chicago School of Shoemaking & Leather Arts

    United States