It seems as if Canadian retailers just can’t catch a break! One of Canada’s largest shoe chains has filed for bankruptcy protection as a poor performing Canadian dollar starts to take its toll.
The 48 Canadian Nine West stores which are owned by Sherson Group Inc, holds the Canadian rights for popular brands like Anne Klein, Enzo Angiolini and Bandolino and has filed for protection from creditors as it tries to turn around the business.
According to the Globe and Mail, Sherson Group filed documents claiming that it owes upwards of $32 – million in unpaid loans and loans including more than half of the total debt owing to Nine West Group Inc. in Bristol Pennsylvania who licenses the Nine West brand to Sherson and supplies product.
For full details on the bankruptcy, you should check out the full Globe and Mail article. For the average consumer and Nine West fan, this won’t affect you as of yet. According to industry insiders, Nine West operations will continue normally and stores will continue to be open and operated. The purpose of the bankruptcy filing is to allow Sherson a chance to restructure, and we hope that they do! We love Nine West Canada!
We will keep you posted as this story develops.
Source: The Globe and Mail