Nine West Holdings is planning to sell its namesake brand shoes, how to reorganize it attempt and reduce your debts under U.S. bankruptcy law.
The company said it expects to sell, the Nine West and Bandolino Shoe and handbag brands at Authentic Brands Group, owner of Frye and Juicy Couture.
The decision allows the company to focus on the profitable parts of the business, such as Anne Klein.
It said major creditors to support its restructuring plans.
You have loan of a fresh $300m in financing to help operate the company while the Chapter 11 bankruptcy process moves forward.
Nine West has the stand-alone outlets in London and his shoes and handbags are well in department stores, House of Fraser, Debenhams and Selfridges in the UK.
Ralph Schipani, Nine West Holdings’ chief executive, said the bankruptcy petition, filed Friday, was “the right step”.
The sale of Nine West and Bandolino are subject to auction as part of bankruptcy, so that other buyers show up.
“As soon as we said the complete reorganisation, our company said makes sense debt and interest rates reduces the cost and is well-positioned for the future”, Mr Schipani,.
Nine West, which has already closed dozens of transactions, signing up is one of more than a dozen U.S. dealer insolvency, which, in recent years, including Claire’s, Payless ShoeSource, Toys R Us, and Aerosoles.
Nine West Holdings is owned by Sycamore Partners, a New York-based private equity Fund.
In court filings, the estimated on Friday, Nine West, it was $500m-$1 billion to the assets and liabilities of $1 billion-$10bn.