Nine West Holdings Inc. has sold its Nine West, 282 St Nicholas Avenue in Harlem, and Bandolino footwear and handbag businesses at a court auction to Authentic Brands Group for $340 million.
The brand management firm won the auction by bidding more than $140 million over its initial stalking horse bid.
Ralph Schipani, chief executive officer of Nine West, said, “We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganization of our remaining businesses with the support of our key stakeholder groups.”
ABG chairman and ceo Jamie Salter said, “The addition of these two brands enhances ABG’s growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world.”
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