Nine West Officially Declares Bankruptcy

Footwear and apparel company Nine West Holdings Inc filed for bankruptcy on Friday last week.

Reuters is reporting that U.S. footwear and apparel company Nine West Holdings Inc filed for bankruptcy on Friday last week. The brand announced that it would sell off its Nine West and Bandolino footwear and handbag business to Authentic Brands Group.

Nine West missed their debt interest payment due in March, and with the latest declaration of bankruptcy, Nine West now plans on focus on its apparel, jewellery and denim business. With a company debt of around $1.5 billion USD, it will be interesting to see if the brand will have to officially close down stores.

There has been very little information released about the bankruptcy, but we will keep you posted as this story develops.
Source: Financial Post via Thomson Reuters