Nine West Holdings and ten affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 18-10947.
The Company, which designs, markets and wholesales apparel, footwear and accessories, is represented by James A. Stempel of Kirkland & Ellis. The Company attributes its bankruptcy filing to “unprecedented systemic economic headwinds affecting many brick-and-mortar retailers” over the past four years.
According to documents filed with the Court, “The Debtors have commenced these chapter 11 cases to right-size their balance sheet, sell the Nine West Group’s assets, and execute on their turnaround strategy to concentrate exclusively on their One Jeanswear Group, Kasper Group, The Jewelry Group, and Anne Klein businesses.”
In conjunction with the restructuring, the Company received $300 million in debtor-in- possession financing, and the Company has entered into a restructuring support agreement (RSA) with parties that hold or control over 78% of its secured term debt and over 89% of its unsecured term debt.
Ralph Schipani, Nine West Holdings’ C.E.O., comments, “Once we complete the reorganization process, our Company will have meaningfully reduced debt and interest costs and be well positioned for the future.”
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