Nine West bankrupt in the US
According to Reuters, US footwear and apparel company Nine West filed for Chapter 11 protection and said it would sell its Nine West and Bandolino footwear and handbag business to the Authentic Brands Group. Nine West owns brands such as Anne Klein and Gloria Vanderbilt. Apparently, the company has a debt of about $1.5 billion and assets in the range of $500 million to $1 billion. Nine West has changed hands before and this confirms our long-held belief that as businesses change owners, their ethos progressively evaporates.