- Marjorie van Elven |
The Rockport Group, which owns footwear brands Rockport, Aravon and Dunham, announced that it is seeking approval from the US Bankruptcy Court to complete the sale of all its assets to CB Marathon Opco LLC, an affiliate of Charlesbank Capital Partners.
”With the financial strength, consumer expertise and support of Charlesbank, Rockport will be better positioned in today’s evolving retail landscape”, said the company in a statement. Rockport expects the company to have “significantly less debt” after the deal is closed.
If approved, Rockport’s global wholesale, independent and e-commerce operations, as well all of its Asia and Europe operations and retail stores, are to be transferred to Charlesbank. The sale hearing is scheduled for July 6, and the two parties expect to complete the process soon after that.
Founded in 1971 and headquartered in Boston, the Rockport Group manufactures men's and women's footwear. Its shoes are sold by retailers in more than 60 countries. Charlesbank Capital Partners is a private equity firm based in Boston and New York, which manages over 5 billion US dollars of capital.
Image: Rockport Facebook