Women’s footwear retailer reportedly to file bankruptcy

Women's footwear company Nine West could be the next retailer to file for bankruptcy.

Nine West Holdings Inc. and its creditors are closing in on a deal to restructure almost $1.5 billion of debt that would include filing for bankruptcy and selling off parts of the shoe and clothing retailer, Bloomberg reported this week. The retailer could seek Chapter 11 court protection with a restructuring plan approved in advance by creditors.

» TRENDING BUSINESS NEWS: Will more stores close in 2018? No comeback for traditional retailers

Nine West was acquired by Sycamore as part of a $2.2 billion acquisition of Jones Group Inc. in 2014. In the first few months of the year, consumers will likely see dozens of retailers shutter stores and file for bankruptcy. More than 12,000 stores are expected to close in 2018 — up from roughly 9,000 in 2017, according to Cushman & Wakefield, a marketing and data analysis firm.

» TRENDING BUSINESS NEWS: Bankruptcy next? Bon-Ton Stores Inc. enters into forbearance agreement

Retailers that announced store closures or bankruptcies in 2017 include: Charming Charlie, The Limited, Gymboree, BCBGMAXAZRIA, Wet Seal, RadioShack, hhgregg, Gander Mountain, MC Sports, Aerosoles, Payless, Kmart and Sears. Other retailers that closed stores this year include: J.Crew, Vitamin World, Gap, Perfumania, Teavana, True Religion, Michael Kors, Bebe Stores, Rue21, Abercrombie & Fitch, Guess, Crocs and Family Christian.

There are about 15 retailers that are at a higher risk of filing for bankruptcy this year, according to S&P Global Market Intelligence. Some of the major retailers that are at risk include: The Bon-Ton Stores, Bebe Stores Inc., Stein Mart Inc., Sears Holdings, Sun Pacific Holding Corp., and Burlington Stores Inc.


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