The Rockport Group will sell its assets to private equity group Charlesbank under a bankruptcy plan as the shoemaker struggles to compete in a tougher retail market.
The Newton, Massachusetts-based company filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for Delaware. Charlesbank will serve as the "stalking horse bidder" in a court-supervised sale process. The move allows the company to accept other buyout offers.
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Rockport says it will maintain operations through the sale process, but the company is seeking court authorization to close retail stores that are not acquired by Charlesbank or a potential other buyer. It plans to focus on its wholesale, independent and e-commerce sales.
Rockport was founded in 1971 as The Rockport Co. and eventually became part of Adidas before being sold again.