Companies

Shoes For Crews Emerges from Chapter 11

Jul 19, 2024 United States

The Florida-based slip-resistant footwear brand has completed the sale of substantially all of its assets and emerged from Chapter 11 bankruptcy protection

Shoes For Crews has completed the sale of its assets to first lien lenders in a stalking horse credit bid and emerged from Chapter 11 bankruptcy protection (which it entered in April). This has enabled the company to eliminate more than 300 million US dollars of debt and provides it with the operational flexibility to achieve its continued growth objectives.

The sale transaction reportedly includes the establishment of a new credit facility to provide additional capital to support the company’s growth investments and operational efficiencies.

“This successful transaction marks the start of our next era and provides us with the capacity to invest in growth across key markets and better serve our global customer base with best-in-class products,” said Donald Watros, president and CEO of Shoes For Crews.

Ownership of Shoes For Crews and its international operations has now been transferred to a group of global investment firms (who had previously invested in the company). The current management team will reportedly remain in place and the transaction is not expected to impact customers, key suppliers or employees.

“As we celebrate our 40^th anniversary on strong financial footing, we are introducing more innovative slip-resistant footwear lines to bring each employee home safely”, concluded Waltros.

Image Credits: shoesforcrews.com

United States Bankruptcy Companies Footwear Management