Nine West Holdings surfaces from Chapter 11 with new name
today Mar 20, 2019
U.S. footwear and apparel company Nine West Holdings, Inc. has emerged from Chapter 11 bankruptcy under the majority equity ownership of CVC Credit Partners and Brigade Capital, and will now be called Premier Brands Group Holdings LLC.
Equipped with over $100 million of liquidity, the company, which filed for bankruptcy in April of 2018, said it will move forward with a right-sized capital structure, and a streamlined operational footprint, thanks to the reorganization of its wholesale and licensing businesses and management teams.
"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," said Ralph Schipani, chief executive officer of Premier Brands Group, in a release. "We have terrific platforms and an intense focus on leveraging their potential, including through new brand licenses and new domestic and international partnerships."
According to Schipani, the company has reduced its pre-bankruptcy debt obligations by over $1 billion and completed a significant operational restructuring following the sale of Nine West and Bandolino footwear and handbag businesses to Authentic Brands Group.
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