Footwear brand Rockport is back under bankruptcy protection
US footwear brand and manufacturer Rockport Group has filed for bankruptcy under Chapter 11 in the District of Delaware, for the second time in five years.
The company said it will operate business as usual as it enters a voluntary restructuring process and has entered into negotiations with a potential purchaser.
Meanwhile, Gregg Ribatt has resigned from his role as CEO of the company.
“The immediate relief of Chapter 11 is appropriate to provide the company the opportunity to maximise value recoveries for all stakeholders,” said Joseph Marchese of PKF Clear Thinking, who was appointed chief restructuring officer of Rockport.
“Rockport has valuable assets that can be effectively administered in an organised joint process.”
Founded in 1971 in Massachusetts by Saul and Bruce Katz, Rockport reported revenue of more than US$203 million last year. The group has 30 distributor partners in more than 60 countries and 1100 points of sale.
The struggling footwear retailer was rescued from Chapter 11 bankruptcy by private equity company Charlesbank Capital Partners in 2018.
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