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Nine West Holdings rebrands in Ch. 11 exit

March 20, 2019 / Daphne Howland
SHARESHARESHARE

Nine West Holdings on Wednesday announced that, with certain of its affiliates, it has successfully completed its financial and operational restructuring and emerged from Chapter 11 under the majority equity ownership of private equity firm CVC Credit Partners and investment advisory firm Brigade Capital. The company has been renamed Premier Brands Group Holdings LLC, or "Premier Brands Group," according to a company press release. The namesake Nine West brand itself, along with the Bandolino footwear brand that was also part of the Nine West Holdings stable, were sold in a July bankruptcy auction to Authentic Brands Group for $340 million. The company embarks on the new chapter having reduced pre-bankruptcy debt obligations by more than $1 billion and completed an operational restructuring following the Nine West and Bandolino sale, Premier Brands Group CEO Ralph Schipani said in a statement. The company also now has "over $100 million of go-forward liquidity to support its operations and future growth initiatives, as a result of successfully syndicated exit financing facilities led by Wells Fargo and Goldman Sachs," according to the release.