U.S. footwear and apparel company Nine West filed for bankruptcy on Friday and said it would sell its Nine West and Bandolino footwear and handbag business to Authentic Brands Group.
Nine West, which owns brands such as Anne Klein and Gloria Vanderbilt, said it had received $300 million in debtor-in-possession financing and had entered a restructuring agreement.
The company, which had missed a debt interest payment in March, now plans to focus on its apparel, jewelry and jeanswear businesses.
Reuters had reported of Nine West’s plans on Thursday and sources had said the company had about $1.5 billion in debt.
U.S. retailers are going through a period of upheaval, with more than 15 filing for bankruptcy last year unable to stand up to competition from online shopping.
Nine West listed assets in the range of $500 million to $1 billion, according to a court filing. The filing also stated Nine West’s liabilities in the range of $1 billion to $10 billion.