Is Nine West The Next Major Retailer To Declare Bankruptcy?
According to Bloomberg News, apparel retailer Nine West Holding is on the verge of filing for bankruptcy in an effort to restructure more than $1 billion of debt and to sell off underperforming assets.
You may remember that Nine West’s Canadian division closed down, and the assets were transferred back to the American holding company.
Nine Wess is in trouble due to stiff competition from fast-fashion brands like Zara and H&M, and changing consumer habits. While filing for bankruptcy does not mean stores will close, in the days of retail struggles we’ve seen countless brands file for bankruptcy and then closed their doors when then restructuring process failed.