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Business

M&A & Bankruptcy

Nine West Holdings files for bankruptcy, listing debts of approximately $1.5 million. The apparel, jewelry, and jeanswear company is planning sell its flagship brand, Nine West, to Authentic Brands Group. It will also sell its Bandolino brand and reorganize around other businesses, including the Anne Klein name.

MGA Entertainment CEO Isaac Larian makes his move, submitting a formal bid of $675 million to buy 274 Toys ‘R’ US stores in the U.S., and $215 million for 82 locations in Canada. The deal includes the right to use the TRU brand name. The retailer has under a week to respond. His crowd-funded campaign raised just $59,000 in outside monies; apparently, the businessman filled the gap with (more of) his own money, other (previously undecided) investors, and bank financing. Separately, TRU received a number of $1 billion bids for its Asia business, and lawyers say they are closing in on a deal for Central Europe operations.

Columbia Sportswear Co. plans to squire the remaining 40% share in the Chinese venture it operates jointly (60:40) with Swire Resources Ltd., Columbia Sportswear Commercial (Shanghai) Co. The venture generated $168 million in sales in 2017; it operates 86 retail store locations distributes through ecommerce as well as over 750 other retail locations. The two are expected to work together in Hong Kong and Macau going forward.

Mattel begins closing its New York office as part of a previously announced $650 million cost saving plan. The process will affect approximately 100 employees, who will be either relocated or made redundant, and is expected to complete by the end of the year.

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