In debt for 60 million, old styles, delay in digital: US-based footwear manufacturer Rockport looks for buyers

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Houlihan Lokey, investment bank, is considering a series of financial operations on behalf of Rockport Group, US-based business founded in 1971. Even with relevant clients and strong relationships with many well-known department stores (Macy’s above all), the footwear manufacturer headquartered in Massachusetts finds itself with 60 million USD of debt. Its largest creditor, Crescent Capital Group LP has pumped liquidity in the business to protect its credit in the last few weeks – according to Reuter’ reports – and substituted Berkshire Partners LLC as its majority shareholder. Berkshire had acquired Rockport from Adidas Group in 2015. Crescent has given Houlihan to go-ahead to look for potential buyers and/or potential investors. According to observers’ opinions, Rockport (owner of Cobb Hill, Aravon, and Dunham) is penalized by delayed modernization of its designs due to quickly changing consumer preferences, but most of all by its obvious weaknesses in its digital retail operation.

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