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Rockport Group Files For Chapter 11

The Rockport Group, LLC, home to the Aravon, Dunham, Rockport and Cobb Hill collections, has filed for Chapter 11.
The Newton, Mass.,-based company has entered into an asset purchase agreement with CB Marathon Opco, LLC, an affiliate of Charlesbank Equity Fund IX, Limited Partnership, which — upon closing and court approval — will see Charlesbank acquire virtually all of Rockport’s assets. The move will allow the company to focus on its global wholesale, independent and e-commerce operation, the group said in a release.
To facilitate the sale, Rockport and its U.S. and Canadian subsidiaries today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for Delaware. The transaction is being undertaken pursuant to Section 363 of the U.S. Bankruptcy code. Charlesbank will serve as the stalking horse bidder in a court-supervised sale process. The agreement is subject to higher and better offers among other conditions.
The agreement with Charlesbank includes Rockport’s global wholesale assets, e-commerce platform and retail operations in Asia and Europe. In addition, Charlesbank will have the opportunity to evaluate Rockport’s North American retail operations and determine whether it will pursue acquisition of certain of these locations. Rockport is seeking court authorization to close the

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Via:: http://footwearnews.com/2018/business/mergers-acquisitions/rockport-shoes-bankrupt-chapter-11-1202562354/