Nine West Holdings Emerges From Chapter 11, Renamed Premier Brands Group Holdings
- One Jeanswear Group, The Jewelry Group, Kasper Group, and Anne Klein Businesses Well Positioned For Long-Term Growth And Success
- New Capital Structure Has Eliminated Over $1 Billion In Debt From Balance Sheet
- Exit Financing Provides Substantial Liquidity and Support for Growth Initiatives
20 Mar, 2019, 11:47 ET
NEW YORK, March 20, 2019 /PRNewswire/ -- Nine West Holdings, Inc. today announced that, together with certain of its affiliates (collectively, the "Company"), it has successfully completed its financial and operational restructuring and emerged from Chapter 11 under the majority equity ownership of CVC Credit Partners and Brigade Capital. The Company has been renamed Premier Brands Group Holdings LLC ("Premier Brands Group").
Premier Brands Group will move forward with a right-sized capital structure, streamlined operational footprint, profitable and growing wholesale and licensing businesses, and proven management teams in place. It will have 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.
"We committed at the beginning of this process to emerge with the financial foundation necessary to continue the growth trajectories of our One Jeanswear Group, The Jewelry Group, Kasper Group and Anne Klein businesses—and we are pleased to have accomplished that goal," said Ralph Schipani, chief executive officer of Premier Brands Group. "We have terrific platforms and an intense focus on leveraging their potential, including through new brand licenses and new domestic and international partnerships."
"In addition, over the past year we have successfully reduced our pre-bankruptcy debt obligations by more than $1 billion and have completed a significant operational restructuring following the sale of our Nine West and Bandolino footwear and handbag businesses. This successful outcome would not have been possible without the commitment of our associates and their dedication to our high quality, high service culture."
Mr. Schipani concluded, "I would also like to thank our long-term customers and vendors for their loyalty and support. We look forward to strengthening these important partnerships as Premier Brands Group enters its next chapter of growth and continues to build on its position as a preferred wholesale partner to the world's leading global retailers."
Kirkland & Ellis LLP served as the Company's legal advisors. Lazard Freres & Co. served as the Company's financial advisor. Alvarez & Marsal North America LLC served as its restructuring advisor.
About Premier Brands Group
Premier Brands Group Holdings LLC is a leading jeanswear, women's apparel, accessories and licensing company with a portfolio of brands that includes Anne Klein, Gloria Vanderbilt, Kasper, and Napier. The Company is a wholesale partner to major U.S. and international retailers.
SOURCE Nine West Holdings, Inc.; Premier Brands Group Holdings LLC
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