Nine West Holdings emerged from Chapter eleven financial disaster protection with a new name and financing to aid its increased initiatives to become a major wholesale company. Nine West stated on Wednesday that it effectively finished its economic and operational restructuring and emerged from Chapter 11 under the majority equity ownership of CVC Credit Partners and Brigade Capital. The employer has been renamed Premier Brands Group Holdings.
Nine West filed for bankruptcy in April 2018. In June, it offered its namesake and Bandolino organizations to Authentic Brand Group at a financial disaster auction for $340 million. Premier Brands Group, which describes itself as the main jeanswear, ladies’ apparel, accessories, and licensing enterprise, has a portfolio of manufacturers that include Anne Klein, Gloria Vanderbilt, Kasper, and Napier.
“We have exquisite platforms and extreme attention on leveraging their capacities, such as through new brand licenses and new domestic and international partnerships,” stated Ralph Schipani, CEO of Premier Brands Group. “In addition, during the last year, we have successfully decreased our pre-financial ruin debt duties using more than $1 billion and feature completed a sizable operational restructuring following the sale of our Nine West and Bandolino shoes and purse agencies.”
Premier Brands said it would have over $one hundred million of move-ahead liquidity to guide its operations and future increase tasks due to effectively syndicated go-out financing facilities led with the aid of Wells Fargo and Goldman Sachs. Kirkland & Ellis LLP served as the Company’s felony advisors. Lazard Freres & Co. served as the Company’s financial marketing consultant. Alvarez & Marsal North America LLC served as its restructuring consultant.
