Nine West Files for Bankruptcy in N.Y.
- Creditors support plan to divest some brands, restructure
- A $300 million loan will fund operations during transition
A woman looks at a pair of boots while shopping inside a Nine West Group Inc. store at the Antara Mall in the Polanco neighborhood in Mexico City, Mexico, on Saturday, Sept. 19, 2015.
Photographer: Susana Gonzalez/Bloomberg
Nine West Holdings Inc. filed for bankruptcy with a plan to sell some assets and reorganize others, after too much debt felled the shoe and clothing company controlled by Sycamore Partners.
The Chapter 11 filing in New York listing debts of more than $1 billion. The company will use the bankruptcy to sell its Nine West and Bandolino brand while reorganizing around other businesses including the Anne Klein name, according to a statement. Most creditors have already agreed to support a reorganization, and a $300 million loan will fund operations during the process, the company said.