Nine West to file for bankruptcy, sell intellectual property: Report

https://www.foxbusiness.com/features/nine-west-to-file-for-bankruptcy-sell-intellectual-property-report

Aside from the bankruptcy filing, the White Plains, New York, company is planning to sell its intellectual property to Authentic Brands Group, a licensing firm that recently said it would purchase clothing brand Nautica, Reuters reported, citing sources familiar with the matter. Nine West will direct the sale proceeds toward about $1.5 billion in outstanding debt.

Nine West missed a debt payment in March. As a result, the retailer had 30 days to either make the payment or declare bankruptcy, the report said. Nine West plans to continue operations, with creditors receiving shares of its business in place of debt payments.