NEW YORK - Nine West Holdings on Friday filed for Chapter 11 bankruptcy protection, becoming the latest brick-and-mortar retailer felled by heavy debt and rising online competition.
The shoe chain said Friday the move was made to help with the sale of its Nine West and Bandolino footwear and handbag business and to focus more on its profitable businesses, which include One Jeanswear Group, The Jewelry Group, the Kasper Group and Anne Klein.
Several retailers have sought bankruptcy protection, closed stores or plan to go out of business entirely as more people shop online. Claire's and Bon-Ton filed for bankruptcy earlier this year, after several dozen others did so last year, including Toys R Us, which has started liquidation sales.
Nine West has been owned by private equity firm Sycamore Partners since 2014.
Toys "R" Us, weighed own by billions in debt stemming from its purchase more than a decade ago by private equity firms,. Other retailers to go bust over the last year, include teen makeup and accessories seller Claire's Stores, and discount shoe maker Payless.