Shoe chain files for bankruptcy protection
Shoe distributor Sherson Group Inc., which operates Nine West retail stores in Canada, has filed for bankruptcy protection with the Ontario Superior Court.
Court documents say the Toronto-based company owes $32.2 million to more than 60 different suppliers, lenders and other businesses.
Included on the list is $4.7 million owed to the Bank of Montreal for certain loans and $19.1 million to Nine West Group Inc., the New York-based company which licences its name to Sherson Group.
The documents also say BDC Capital, a subsidiary of the Business Development Bank of Canada, is owed $3 million.
Sherson Group operates at least 47 Nine West locations in Canada.