Rock & Republic has filed a Chapter 11 bankruptcy court protection in Manhattan bankruptcy court Thursday evening.
The global lifestyle denim and accessories brand said it will continue to operate its business while under Chapter 11 and that it will seek to reorganize the firm.The brand, sold in upscale department stores and in its own freestanding stores, said the filing was to "ease pressures on its balance sheet."
Rock & Republic will be seeking court approval of a debtor-in-possession facility of up to $7.5 million from CIT Group/Commercial Services Inc.
Atlas Strategic Advisors has been hired as the investment advisor to help recapitalize the balance sheet and explore long-term financial partnerships. In addition, the Los Angeles-based firm named Geoffrey D. Lurie to the post of chief restructuring officer.He previously led the turnaround of The North Face, according to Rock & Republic. Marvin Traub Associates Inc. has been hired as strategic advisor for assistance in brand positioning and in the firm's restructuring efforts. Michael Ball continues in his role as chief executive officer and his focus will center on product development and the creative direction for the brand.
"The pillars of our restructuring strategy include strengthening the Company's financial capacity, realigning its product focus and enhancing its operational execution.Toward that end, we are exploring financial relationships that can provide the resources to support our near-term capital needs and long-term growth objectives, and we are serious about satisfying outstanding financial obligations.At the same time, we will be sharpening our product focus to emphasize the core apparel and footwear businesses that have been the foundation of Rock & Republic's brand reputation, while seeking alternatives for ancillary product lines," Lurie said.
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