- Huw Hughes |
Nine West Holdings has emerged from Chapter 11 bankruptcy under the majority equity ownership of CVC Credit Partners and Brigade Capital, and has been renamed Premier Brands Group Holdings LLC.
The US footwear and apparel company, which filed for bankruptcy in April 2018, said in a press release on Thursday that it has over 100 million dollars of 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," Ralph Schipani, chief executive officer of Premier Brands Group, said in a statement.
"Over the past year we have successfully reduced our pre-bankruptcy debt obligations by more than one billion dollars and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses.
“This successful outcome would not have been possible without the commitment of our associates and their dedication to our high quality, high service culture."