Specialty retailer exploring long-term capital restructuring

Nine West Holdings is taking action to deal with its debt.



The company, which has about $1.5 billion in debt resulting from its 2014 buyout, announced that it has retained Lazard as its investment banker to proactively evaluate a long-term capital structure solution. In its statement, Nine West said it has no near-term debt maturities (next maturity date is 2019), is in compliance with the indentures and other agreements governing its indebtedness for borrowed money, and has ample liquidity ($160 million in liquidity as of December 31, 2016) to continue to operate its business in the ordinary course.



"We are pleased to be working with Lazard to proactively address our 2019 debt maturities,” said Ralph Schipani, who has served as interim CEO of Nine West Holdings for more than a year. “Lazard's engagement will have no impact on our day-to-day business operations, which will continue as usual."



Schipani has served as interim CEO of Nine West Holdings for more than a year. He is a turnaround and restructuring expert at Alvarez & Marsal Inc.



Nine West Holdings operates a portfolio of brands that includes Nine West, Anne Klein, Gloria Vanderbilt, and l.e.i. The company is a wholesale partner to major U.S. retailers, operates its own stores, and has international licensing arrangements covering more than 1,200 points of sale around the world.