Authentic Brands Group has won the auction for the intellectual property of Nine West Holdings with a bid of approximately $350 million, according to Reuters. The company initially had offered $200 million for the Nine West and Bandolino businesses.
DSW also submitted a bid; people familiar with the matter told Reuters that the shoe retailer had expressed interest in adding Nine West to its private label portfolio.
Nine West filed for Chapter 11 bankruptcy in April 2018, with plans to restructure around its profitable and growing businesses, such as One Jeanswear Group and Anne Klein. The proceeds from the sale will go toward paying down some of Nine West’s approximately $1.5 billion in debt.
Meanwhile, a group of Nine West creditors are looking into legal claims against parent company Sycamore Partners, according to court papers seen by Reuters. The creditors have claimed Sycamore may have acquired some Nine West assets, including Kurt Geiger and Stuart Weitzman, for less than their true value.