Nine West in Chapter 11 Bankruptcy Court ProceedingsAuthentic Brands Group is the stalking horse for the Nine West and Bandolino footwear and handbag businesses.

[Collection]Nine West Holdings Inc. has filed a voluntary petition for Chapter 11 bankruptcy court protection. The filing was made on Friday in a Manhattan bankruptcy court. The petition lists estimated assets of $500 million to $1 billion, with estimated liabilities of $1 billion to $10 billion. In addition to Nine West, 10 affiliates filed for bankruptcy court protection, including Kasper Group and One Jeanswear Group. The Jeanswear group includes the brands Gloria Vanderbilt and LEI. The company said the filing was done to “facilitate the sale of its Nine West and Bandolino footwear and handbag business and to right-size its capital structure around its profitable and growing businesses, including One Jeanswear Group, The Jewelry Group, the Kasper Group and Anne Klein.” Its Nine West and Bandolino businesses are slated to be sold to brand management firm Authentic Brands Group. ABG will take on the role of “stalking horse,” in a court-approved auction process. That also means that the brand management firm could be outbid in the auction should other buyers come forward with better offers. Ralph Schipani, chief executive officer of Nine West Holdings, said, “This is the right step to address our two divergent business profiles. We will retain our strong, profitable and

Follow WWD on Twitter or become a fan on Facebook.

Read More...http://wwd.com/business-news/financial/nine-west-chapter-11-bankruptcy-court-proceedings-restructuring-authentic-brands-group-kasper-anne-klein-1202645418/