Women's clothing and footwear company Nine West announced on Friday that it has filed for bankruptcy, listing debts of more than $1 billion.
The company, which owns brands such as Gloria Vanderbilt and Anne Klein, also announced it will sell its Nine West and Bandolino footwear and handbag business to Authentic Brands Group.
"This is the right step to address our two divergent business profiles," Ralph Schipani, Nine West Holdings' chief executive officer, said in a statement. "We will retain our strong, profitable and growing apparel, jewelry, and jeanswear businesses and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth.
"Once we complete the reorganization process, our Company will have meaningfully reduced debt and interest costs and be well positioned for the future.
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