Another one bites the dust. American footwear brand Nine West Holdings Inc. is planning to file for bankruptcy this week, and they intend to sell the intellectual property of its flagship label to Authentic Brands Group LLC, Business of Fashion reports.
It's apparently a necessary move. Proceeds from the sale will work to pay off a chunk of Nine West's approximately US$1.5 billion debt, which will hopefully help the company recover from said bankruptcy.
Preview.ph has reached out to Store Specialists Inc., who distributes Nine West in the Philippines, but we have yet to receive a comment.
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