Nine West exits bankruptcy

United States
Published:  27 March, 2019

The U.S. fashion brand is reported to have successfully emerged from Chapter 11 bankruptcy protection.

Nine West Holdings, now renamed Premier Brands Group Holding, had filed voluntary petitions for reorganisation under Chapter 11 of the U.S. Bankruptcy Code in early April 2018. The plan, which was amended in October, is said to have allowed the Company to reduce over US$1 billion in debt, with the exit financing offering substantial liquidity of over US$100 million to support for growth initiatives. The Premier Brands Group will now seek to strengthen both domestic and international partnerships to boost growth. “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”, said Ralph Schipani, CEO, Premier Brands Group.

As previously reported by ILM, Nine West sold its footwear and accessories business to Authentic Brands for US$340 million.

Sources: Retail Insight/BoF