The Canadian operator of the Nine West shoe store chain has filed papers for bankruptcy protection amidst $32.2 million in owed debts to various suppliers and business partners.
Sherson Group Inc., based in Toronto, operates 47 Nine West retail stores in Canada employing over 500 people. Court documents say the company owes $32.2 million to over 60 lenders, suppliers and businesses.
The company, which is leased the Nine West name from New York-based Nine West Group Inc., owes the Bank of Montreal $4.7 million, $3 million to a Toronto private investment firm BDC Capital and the Nine West Group Inc. $19.1 million.
Sherman Group Inc. first purchased five Nine West shoe stores in 1999 and has opened new locations every year. Their website also states they were selected as a Regional Finalist in Canada’s 50 Best Managed Companies program for 2007.