Nine West Holdings Looks to Sell Remaining Brands

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By Published On: July 18, 20180 Comments

After selling off Bandolino and its namesake brand, Nine West, fashion wholesale and retail group, Nine West Holdings Inc is reportedly looking for a buyer for its remaining businesses.

Nine West filed for chapter 11 bankruptcy protection earlier in the year, and according to a Reuters report, the business is now working with investment bank, Lazard, to find a buyer for its full suite of retail brands.

Mere weeks after selling both Nine West and Bandolino to Authentic Brands Group (ABG) for $340 million, the retail group’s other brands, including Anne Klein, Kasper, and One Jeanswear, are also set to hit the chopping block.

When two of its highest grossing brands sold at a bankruptcy auction at the start of July, company representatives said the business would restructure around its other retail brands. Now, it seems to have changed its plans, as Lazard has apparently started approaching potential buyers on Nine West Holdings’ behalf. It’s believed this new approach was triggered by the better-than-expected auction results, with the final $340 million sale price coming in at roughly $140 million more than ABG’s original bid.

This method will also offer creditors a faster and more efficient way to recoup defaulted funds from the embattled retail group.

The company originally filed for bankruptcy protection in early April, as it looked to restructure its debt and focus on the future of its business.

“This is the right step to address our two divergent business profiles,” Nine West Holdings’ CEO, Ralph Schipani, said in a statement at the time.

Nine West was one of the many distressed retailers put on a watch list of distressed retailer earlier this year. That list included Toys R Us, which recently closed its operations across the US and UK, and is in the final processes of shutting down its Australian operations.

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