Shoe chain files for bank­ruptcy pro­tec­tion

The Guardian (Charlottetown) - - BUSINESS -

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.

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