Rockport Company Files for Chapter 11 Bankruptcy CEO Resigns

The Rockport Co. said on Thursday that it has filed Chapter 11 bankruptcy in a U.S. District Court in Delaware and will put itself up for sale. According to the footwear brand, its subsidiaries CB Marathon Midco, LLC, Rockport IP Holdings, LLC, Rockport UK Holdings Ltd. and CB Footwear Services, LLC have also joined in the bankruptcy filing. Rockport said that it’s taking this motion in order to “review and restructure” its assets for the benefit of all stakeholders and to better position the brand for future growth opportunities. As part of the bankruptcy, Rockport said it also intends to file a motion seeking authorization to pursue an auction and sale process. The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire Rockport’s assets. With this news, Rockport announced that its CEO, Gregg Ribatt, has resigned from the company and will be available to assist in an orderly transition. What’s more, Joseph Marchese of PKF Clear Thinking has been appointed chief restructuring officer of Rockport. “The immediate relief of Chapter 11 is appropriate to provide the company the opportunity to assess the situation and develop a process to maximize value recoveries for all stakeholders,”  Marchese said in

Follow Footwear News on Twitter or become a fan on Facebook.

from Footwear NewsFootwear News https://ift.tt/6WufUeB