American retail chain Nine West Holdings has been renamed Premier Brands Group Holdings after it successfully emerged from Chapter 11 bankruptcy protection following the successful completion of its financial and operational restructuring.
Nine West Holdings filed for reorganisation under Chapter 11 with the United States Bankruptcy Court for the Southern District of New York in October last year.
The plan allowed the company to reduce more than $1bn in debt from balance sheet, while the exit financing offered it substantial liquidity and support for growth initiatives.
Premier Brands Group CEO Ralph Schipani said: “We committed at the beginning of this process to emerge with the financial foundation necessary to continue the growth trajectories of our One Jeanswear Group, The Jewelry Group, Kasper Group and Anne Klein businesses, and we are pleased to have accomplished that goal.
“We have terrific platforms and an intense focus on leveraging their potential, including through new brand licenses and new domestic and international partnerships.”
Premier Brands Group will now operate with a right-sized capital structure, streamlined operational footprint, profitable and growing wholesale and licensing businesses, and its management teams.
The company currently holds more than $100m of go-forward liquidity, raised through syndicated exit financing facilities led by Wells Fargo and Goldman Sachs, to support its operations and future growth initiatives.
Schipani added: “In addition, over the past year we have successfully reduced our pre-bankruptcy debt obligations by more than $1bn and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses.
“We look forward to strengthening these important partnerships as Premier Brands Group enters its next chapter of growth and continues to build on its position as a preferred wholesale partner to the world’s leading global retailers.”