Nine West Holdings has acquired Sherson Group Inc., its former licensee in Canada that holds the rights to footwear and apparel brands Nine West, Anne Klein, Easy Spirit and Bandolino.
This purchase follows the Sherson Group filing a “Notice of Intention to Make a Proposal” to file for bankruptcy on June 29. Last week, the Toronto-based company asked a judge for more time to pay off creditors as it worked on a deal with Nine West. The company owed $32.2 million to more than 60 suppliers, lenders and other businesses according to documents filed earlier this month.
A newly formed subsidiary of Nine West Holdings has acquired around 45 store leases and contracts under Sherson’s business operations. Nine West will continue to operate the retail locations and offer employment to most of Sherson’s employees.
Sherson Group has managed, imported and distributed brands since 1984. It entered the retail market with the purchase of five Nine West stores in 1999 and has since opened new retail locations.
“We are pleased to have completed this important transaction, which ensures that our loyal customers in Canada will continue to be able to shop for their favorite Nine West, Easy Spirit and Anne Klein footwear and accessories at malls, outlets and department stores across the country,” said Ralph Schipani, interim President of Nine West Holdings. “We are also gratified to be able to provide continued employment to such an outstanding and dedicated group of associates.”