Retailer Nine West Holdings Inc., best known for selling women’s shoes and accessories, filed for chapter 11 protection Friday with a deal to sell its Nine West and Bandolino footwear and handbag businesses to a licensing firm, WSJ Pro Bankruptcy reported. The chapter 11 filing in U.S. Bankruptcy Court in New York comes as Nine West faced debt maturities and has seen its revenue dwindle. The retailer has reached a deal to sell its Nine West and Bandolino businesses to licensing firm Authentic Brands Group Inc., which has also acquired other bankrupt retail brands including Aéropostale Inc. and Frederick’s of Hollywood. Authentic Brands has agreed to pay $200 million for the intellectual property associated with the Nine West, Bandolino, and associated brands plus some working-capital assets, Nine West Chief Executive Ralph Schipani said in court papers. The deal comes after Nine West, which is owned by private-equity firm Sycamore Partners, recently closed its remaining 71 remaining stores, a Nine West spokeswoman said. Read more.
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