Nine West files for bankruptcy
- Nine West has filed for bankruptcy.
- The company said the move would help facilitate the sale of its Nine West and Bandolino businesses.
Nine West Holdings filed for bankruptcy on Friday.
The women's clothing and footwear company said it filed for Chapter 11 bankruptcy protection to help facilitate the sale of its Nine West and Bandolino businesses. The company listed debts of more than $1 billion.
The company has not indicated that it plans to close any stores during the bankruptcy process.
"This is the right step to address our two divergent business profiles," Nine West Holdings' CEO, Ralph Schipani, said in a statement. "Once we complete the reorganization process, our company will have meaningfully reduced debt and interest costs and be well positioned for the future.
"At the same time, we are initiating a process to sell our Nine West and Bandolino footwear and handbag business and have a purchase commitment from a dedicated owner with the resources and know-how to support these businesses for long-term success," he added.