Retail Stores in Asia and Europe are Open and Serving Customers
NEWTON, Massachusetts, May 18, 2018 /PRNewswire/ -- The Rockport Group, LLC (the "Company" or "Rockport"), a leader in men's and women's footwear since 1971, today confirmed that all of the Company's wholesale operations and retail locations across Europe and Asia -- including the Company's retail stores in Japan, Korea, mainland China and Hong Kong -- are open and operating in the normal course.
The Company's retail stores in Japan, Korea, mainland China and Hong Kong are open and serving customers, and will continue to do so throughout the sale process. Importantly, the Company is as committed as ever to delivering all of the same great products customers know and love. Customers across more than 60 countries can continue to shop the Company's all-star lineup of quality brands including Rockport, Aravon and Dunham, as well as the popular Cobb Hill collection.
As announced on May 14, 2018, Rockport has signed an agreement for a U.S. investment firm, Charlesbank, to acquire substantially all of the Company's assets, including the global wholesale assets, e-commerce platform and all of its Asia and Europe operations and retail stores. Charlesbank also has the option to acquire some or all retail locations in the U.S. and Canada.
To facilitate the sale, Rockport's U.S. and Canada operations have voluntarily filed for Chapter 11 under the U.S. Bankruptcy Code. This will allow them to continue to operate normally as they undergo a court-supervised sale process. The transaction with Charlesbank is subject to higher and better offers and court approval, among other standard conditions.
Importantly, Rockport has already received approval from the court to manage day-to-day operations in the normal course and has received interim authorization to access to up to $10 million in new financing from its existing noteholders, in addition to its existing $60 million credit facility. The Company will pay employee wages and benefits as well as honor customer commitments through the sale process.
About The Rockport Group
The Rockport Group is home to the Aravon, Dunham and Rockport brands and the popular Rockport Cobb Hill Collection. With its diverse assortment of men's and women's footwear, products from The Rockport Group can be found in various retail channels in more than 60 countries worldwide. Headquartered in the greater Boston area, The Rockport Group is committed to its history of innovation and a consumer-centric approach to style, fit and comfort. For more information, visit www.rockport.com.
Media Contacts:
Michael Freitag / Leigh Parrish
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
