Nine West officials also said the agreement “demonstrates the support of the company’s lenders and their confidence in the go-forward businesses, as well as providing a clear path to emergence from Chapter 11.”
Company officials said they will seek to sell the Nine West and Bandolino footwear and handbag businesses. Officials said the company has entered into a “stalking horse” asset purchase agreement with Authentic Brands Group, and that the sale will be subject to a competitive sale process.
The future focus of the company will be on its “profitable” One Jeanswear Group, The Jewelry Group, the Kasper Group, and Anne Klein businesses during the bankruptcy process.
The company is saddled with about $1.4 billion in debt, according to media reports.