Sorry shoe lovers. You may have to shop somewhere other than Nine West for those sensible flats and kicky mules. As the retail apocalypse continues, the shoe company is reportedly entering bankruptcy proceedings.
The news is not exactly a surprise. Nine West missed a debt interest payment in March, and the company had no choice but to either make the payment or face bankruptcy, Reuters reports. Since the company carries approximately $1.5 billion in debt, bankruptcy was the more likely option.
Nine West reportedly will sell off its intellectual property to Authentic Brands Group to help pay down debt and hopefully emerge from bankruptcy to sell another day, ideally next to the empty storefront of its equally bankrupt competitor Aerosoles. While you’re waiting for the other shoe to drop, keep in mind that, in this dire retail landscape, Payless ShoeSource managed to emerge from bankruptcy. Nine West may be able to match that, and then the two bargain shoe brands can tap dance on the graves of all the other retail shops that have shuttered recently.
We reached out to Nine West for comment and will update if we hear back.