Bank­rupt Rock­port Con­firms Plans to Sell to Charles­bank

Shoes & Accessories - - The Month That Was | Updates I International -

Rock­port will soon have a new owner. The Rock­port Group LLC, which broke footwear ground in 1971 with its com­fort-driven walk­ing shoes, has an­nounced that af­ter com­plet­ing a court-ap­proved mar­ket­ing process, it in­tends to com­plete an as­set pur­chase with CB Marathon Opco LLC, an af­fil­i­ate of Charles­bank Cap­i­tal Part­ners LLC.

Ac­cord­ing to a com­pany state­ment, the sale will en­able Rock­port to en­sure the con­tin­u­a­tion of its global whole­sale, in­de­pen­dent and e-com­merce busi­nesses. Fol­low­ing the sale, Rock­port will have sig­nif­i­cantly less debt, the firm said.

Through­out the course of the sale, con­sumers can con­tinue to shop its ros­ter of brands, in­clud­ing Aravon, Rock­port and Dunham, through the com­pany’s chan­nels of dis­tri­bu­tion.

Un­der the agree­ment, Charles­bank — a pri­vate eq­uity in­vest­ment com­pany — will ac­quire sub­stan­tially all of Rock­port’s as­sets, in­clud­ing global whole­sale, in­de­pen­dent and e-com­merce op­er­a­tions and all of its Asia and Europe op­er­a­tions, which will be com­pleted no later than July 31.

On May 14, Charles­bank was named the stalk­ing-horse bid­der in the com­pany’s court­su­per­vised sale process un­der Sec­tion 363 of the Bank­ruptcy Code. Rock­port en­gaged in dis­cus­sions with a num­ber of in­ter­ested buy­ers, but did not re­ceive any com­pet­ing bids in ad­vance.

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