(Reuters) – Footwear and apparel company Nine West Holdings Inc said on Wednesday it had emerged from bankruptcy, days short of a year since it filed for Chapter 11 protection.
Anne Klein and Gloria Vanderbilt brands’ owner said the company will now be called Premier Brands Group Holdings Llc and that it will maintain liquidity of over $100 million to support its operations.
Nine West’s emergence comes as U.S. retailers that once dominated malls struggle to retain their customers who now prefer buying apparel and footwear online.
Earlier this year, century-old retailer Sears Holdings Corp became one of the latest companies to save itself from going belly up, after a U.S. court approved a takeover bid from its chairman Edward Lampert’s hedge fund.
Since April, Nine West reduced its pre-bankruptcy debt obligations by more than $1 billion. It also sold its Nine West and Bandolino footwear and handbag businesses at a court auction to Authentic Brands Group for $340 million in June.
Going forward, the new company Premier Brands Group will look to strengthen domestic and international partnerships to boost growth. It said its One Jeanswear Group, the Jewelry Group, Kasper Group and Anne Klein businesses are doing well so far.
Kirkland & Ellis was the company’s legal adviser, while Lazard Freres & Co served as its financial adviser.
Nine West said it moved out of bankruptcy under the majority equity ownership of CVC Credit Partners and Brigade Capital.
Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli