- Sara Ehlers |
Footwear company The Rockport Group, LLC just announced that it has entered a new purchase agreement with CB Marathon Opco, LLC, an affiliate of Charlesbank Equity Fund IX, Limited Partnership. The transaction will help continue Lockport's heritage as well as continuing its focus on global wholesale, independent and e-commerce operations.
The transaction will also align Rockport's operations and financial strength, according to a press release. Rockport has obtained 20 million dollars in new-money debtor-in-possession financing from its existing note holders, which adds to its already existing 60 million dollar credit facility. The sale comes after Rockport and its U.S. and Canadian subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code on May 14. Through this new process, Rockport customers will still be able to continue to shop the company's portfolio of brands as well as its footwear at various department stores internationally. The agreement with Charlesbank will also include the footwear company's global wholesale assets, e-commerce platform, and its retail operations in Asian and Europe. Charlesbank will also be able to oversee Rockport's North American retail operations and determine its next plan of action.
Currently, Rockport is attempting to close its stores in the North American region that will not be acquired by Charlesbank or another party, according to a press release from the company. There are no set store closure dates but updates will be provided by Rockport at a later date. It seems like the future of the men's and women's footwear label will be determined on through Charlesbank's strategy moving forward.