Shoes For Crews, LLC, the manufacturer of slip-resistant footwear, on May 24 received approval from The U.S. Bankruptcy Court for the District of Delaware, pursuant to Section 363 of The U.S. Bankruptcy Code for the sale of substantially all of its assets to its first lien secured lendersvia a stalking horse credit bid.
The Sale Transaction will eliminate over $300 million in debt and is expected to provide Shoes For Crews with the financial flexibility to invest in growth across key markets and better serve its global customer base with its products.
“With strengthened financial footing under new ownership, we will continue investing in our industry-leading products and serve as an even better partner to our valued customers, vendors, suppliers, and brand partners,” said company president and chief executive officer Donald Watros. “We remain committed to positioning the business for the future and advancing our mission of creating a safer workplace by developing and providing the leading slip-resistant footwear to our customers around the world.”
Following a comprehensive court-supervised competitive sale process, the Company’s first lien-secured lenders, made up of a group of global investment firms, will acquire substantially all of the company’s assets. The Sale Transaction is expected to close in June 2024, subject to customary closing conditions.
Shoes For Crews will enter a new credit facility to support its operations and continued financial stability when the sale transaction closes.
Ropes & Gray LLP and Chipman Brown Cicero & Cole, LLP are serving as legal advisors. Berkeley Research Group, LLC is serving as financial advisor. Solomon Partners Securities, LLC is serving as an investment banker. C Street Advisory Group is serving as strategic communications advisor to the company.
Headquartered in Boca Raton, FL, Shoes For Crews began producing slip-resistant footwear in 1984 to “create a safer workplace.”
Image courtesy Shoes for Crews
