The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — US footwear and apparel company Nine West Holdings Inc filed an amended Chapter 11 bankruptcy plan that will reduce its pre-bankruptcy debt obligations by more than $1 billion, the company said on Wednesday.
The plan is expected to provide $105 million cash recovery to stakeholders through the settlement of potential claims and causes of action against the company's indirect equity owners, it said.
Nine West, which owns brands such as Anne Klein and Gloria Vanderbilt, said it will also receive a three-year purchase commitment from Belk Inc for an assortment of merchandise across the company's businesses.
A hearing has been scheduled for November 7 to consider approval of the terms of the amended Chapter 11 plan, following which it will be passed on to voting creditors for their consideration.
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The company filed for bankruptcy protection in April and sold its Nine West and Bandolino footwear and handbag businesses at a court auction to Authentic Brands Group for $340 million in June.
US retailers are going through a period of upheaval, throwing into doubt the future of the retailers that once dominated US malls but has withered in the age of internet shopping.
The century-old department store chain Sears Holdings Corp filed for bankruptcy on Monday.
Toys 'R' Us tried to emerge from its 2017 bankruptcy filing but was forced to liquidate six months later after creditors lost confidence in the toy retailer's turnaround plan.
Nine West's competitor Aerosoles Group was among at least a dozen retailers selling apparel, electronics and discount shoes filed for bankruptcy last year to slash their store count and better compete with e-commerce giants such as Amazon.com Inc .
By Rishika Chatterjee; Editor: Gopakumar Warrier.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.