The Nine Hei Group Will Be Renamed After The Reorganization, But In Fact, The Brand Of The Same Name Was Sold.

Although it has been sold for a while, the brand of women's shoes Nine West (Jiu Xi) should now be completely abandoned by the parent company.

On March 20th, Nine West Holdings, Inc., announced its breakaway from bankruptcy protection and changed its name.

The new company after renamed will be called PremierBrands Group (advanced brand group).

The new group will focus on cowboy, jewellery and apparel products with its existing Brand Company including One Jeanswear, The Jewelry, Kasper and AnneKlein.

Nine West filed for bankruptcy protection in April 2018.

In June of the same year, the group sold its core brand NineWest of the same name and another main shoe brand Bandolino to court auction for sale to the Authentic BrandsGroup (ABG) of the US brand management company holding or acting as agent Frye, Vince Camuto and JuicyCouture.

The paction price was $3 million 400 thousand at that time.

In August, ABG entered into a strategic partnership with Kohl 's, a department store, and announced that Kohl's will introduce NineWest shoes, handbags and coats, and will develop new women's clothing series with them.

At this point, the consumer care brand Nine West has finally come to a new destination.

The deal is also seen as the beginning of a series of bankruptcy reorganization actions of Nine West group.

The application documents for bankruptcy protection show that the total assets of the NineWest group are estimated to be in the range of US $500 million to US $1 billion, while the debt amount has reached US $1 billion to US $100.

According to the information of Moody's InvestorsService, although NineWest did not have any debt to be expired before 2019, it had to refinance about $1 billion to repay the debt of the first creditor in full.

The second creditors will get equity in the restructured company.

Meanwhile, the debenture holders of the company will also get a small share of the new company after the reorganization.

However, the plan is not going smoothly.

According to Footwear News, the footwear industry in the US, NineWest group was approved by the court only eleventh months after its filing of bankruptcy protection in February 2019.

In the meantime, as Nine West group sells core brands, NineWest group shareholders and real controller private equity fund Sycamore Partners LP are accused of selfish interests to dilute the value of the company by the creditor.

The newly renamed company Premier Brands Group announced that it had reserved $100 million of its daily operating liquidity.

According to Bloomberg news, the funds came from the syndicate exit mechanism jointly led by WellsFargo and Goldman Sachs.

According to group CEO RalphSchipani's statement, the group's debt has been reduced by 1 billion US dollars before its filing.

Before filing the bankruptcy petition, NineWest struggled for its debts. In 2017, it was listed as a "risky" retailer by rating agency Moody 's, on the grounds of "poor performance and overburdened debt".

Nine West was founded in 1978. In the 20 years since then, founder Vince Camuto has led NineWest to become an internationally recognized fashion shoe brand and has been launched in 1993.

In 1999, Camuto sold Nine West for $900 million to TheJones Group Inc., the US apparel group, Jones.

Nine hee owned Nine West, Gloria Vanderbilt, L.e.i and EasySpirit.

By 2014, Sycamore Partners LP, a private equity firm, acquired TheJones at a cost of 2 billion 200 million US dollars. After its acquisition, the company was divided into four parts: Nine West, Anne Klein, Easy Spirit and NW NW.

In September 2018, NineWest officially withdrew from the Chinese market.