A famous retailer has just filed for Chapter 11 bankruptcy protection. Nine West, the popular women's apparel and shoe retailer, is the latest store to announce retail troubles.
The announcement comes Friday, just weeks after Toys 'R' Us, another major retailer, announced they are closing stores all across America.
The retailer, which also operates the Anne Klein and Gloria Vanderbilt brands and has already closed its stores, said it had secured bankruptcy financing to continue operating while it seeks to shed debt, reported USA Today.
"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," CEO Ralph Schipani said in a statement.
Nine West has products that are sold in more than 1,200 locations, including 71 individual storefronts by the same name. Let us know if you enjoy shopping at Nine West locations!
"Toys R Us is filing for bankruptcy because they took out bad loans in 2005. A lot of investors saw it coming as Toys R Us required massive profits to afford said loans for expansion which didn't happen. It was a risky endeavor and they paid for it. Nine West is similar," wrote Conner Pittman on Twitter.
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