Sale of brands an “important step” for Nine West
19/06/2018
The group announced its intention to divest these brands in April after it has forced to file for chapter 11 bankruptcy protection.
"Authentic Brands Group is an industry leader and we are pleased that they will bring the dedicated expertise and resources to manage the next stage in the life of two strong brands," said Ralph Schipani, CEO of Nine West Holdings. "We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganisation of our remaining businesses with the support of our key stakeholder groups."
Following completion of this transaction, Authentic Brands Group will assume all licensing partnerships and marketing initiatives for the Nine West and Bandolino brands.
The sale is expected to be completed by July 15, subject to customary closing conditions. The deal was approved by a US bankruptcy court on June 18.
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