Centric Brands has completed its financial restructuring and emerged from bankruptcy protection after filing in May.
The company reduced its debt by roughly $700 million, leaving the bankruptcy process with a “stronger capital structure,” as well as access to “substantial” cash and liquidity. Under the restructuring, Centric Brands has become a private entity with financial backing from majority sponsor Blackstone, Ares Management Corp. and HPS Investment Partners.
“The completion of this reorganization marks a major milestone for our company, stated Centric Brands CEO Jason Rabin. “Throughout this process, we operated seamlessly without interruption and remained focused on serving our valued partners. We maintained excellent relationships with licensors and our supply chain — and ultimately delivered to our retailers. We now emerge with an optimized business structure, supportive partners, a qualified and engaged board, and strengthened financials.”
The company’s portfolio includes more than 100 licensed brands including for kids apparel, Calvin Klein, Tommy Hilfiger, Nautica, Spyder and Under Armour; for men’s and women’s apparel, Joe’s Jeans, Buffalo and Hudson Jeans; for accessories, Kate Spade, Michael Kors, All Saints, Frye, Timberland, and Jessica Simpson; and for entertainment, Disney, Marvel, Nickelodeon, and Warner Brothers, among others. Owned brands include Hudson, Robert Graham, Swims, Zac Posen, and Avirex.