Parent Company of Nine West’s Canada Stores Headed for Bankruptcy

Nine West Mary Jane
Nine West's leather Garrie Mary Jane pump for women.
Brand

Sherson Group Inc., which holds the Canadian rights to footwear and apparel brands Nine West, Anne Klein, Easy Spirit and Bandolino, has filed a “Notice of Intention to Make a Proposal” to file for bankruptcy.

The Office of the Superintendent of Bankruptcy Canada confirmed with Footwear News today that the firm filed the notice — which typically precedes a bankruptcy filing — on June 29.

Sherson Group, according to its website, has been managing, importing and distributing popular brands since 1984.

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In 1999, Sherson entered the retail market with the purchase of five Nine West stores and has since been opening new retail locations almost annually. It has over 47 retail locations operating under the name Nine West and Nine West Shoe Studio.

Richter Advisory Group, according to the Office of the Superintendent of Bankruptcy Canada, is listed as the trustee on Sherson’s filings.

When reached for comment, Adam Sherman, VP at Richter Advisory Group, told FN that Sherson Group is “not bankrupt.”

Sherson is one of the largest footwear and accessories sellers in Canada but — like many other global companies — it may be feeling the impact of a particularly volatile foreign exchange market. The Canadian dollar, similar to the euro and other major currencies, has been tumbling as the U.S. dollar continues to show strength.

FN’s e-mails and phone calls to Sherson Group have not yet been returned.