Footwear and apparel firm Nine West Holdings Inc has emerged from Chapter 11 bankruptcy and has been renamed Premier Brands Group Holdings LLC.
The group filed for bankruptcy in April last year and sold its namesake and Bandolino footwear and handbag business to Authentic Brands Group (ABG) two months later in a deal valued at more than US$340m. Then in October it filed an amended Chapter 11 bankruptcy plan to reduce its pre-bankruptcy debt obligations by more than US$1bn.
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The newly-named Premier Brands Group has now emerged from Chapter 11 under the majority equity ownership of CVC Credit Partners and Brigade Capital, with over US$100m of go-forward liquidity to support its operations and future growth initiatives.
“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,” says Ralph Schipani, CEO of Premier Brands Group. “We have terrific platforms and an intense focus on leveraging their potential, including through new brand licenses and new domestic and international partnerships.
“In addition, over the past year, we have successfully reduced our pre-bankruptcy debt obligations by more than $1bn and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses.”
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By GlobalData
