Rockport Group Files for Bankruptcy
Footwear News (May 14, Schneider-Levy) is reporting that "The Rockport Group LLC, home to the Aravon, Dunham, Rockport and Cobb Hill collections, has filed for Chapter 11 bankruptcy protection." The Massachusetts-based company on Monday entered into an asset purchase accord with CB Marathon Opco LLC, an affiliate of Charlesbank Equity Fund IX LP. This move will enable the company to place greater emphasis on its global wholesale, independent, and e-commerce operations. To facilitate the sale, Rockport and its U.S. and Canadian subsidiaries filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court for Delaware. "Charlesbank will serve as the stalking-horse bidder in a court-supervised sale process," states the publication. "The agreement is subject to higher and better offers, among other conditions."
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