Footwear Maker Shoes for Crews Files Bankruptcy With Sale Plans

Slip-resistant footwear maker Shoes for Crews filed for bankruptcy with plans to sell the business to lenders.

The CCMP Capital Advisors-backed company sought Chapter 11 protection in Delaware on Monday, listing assets of at least $100 million against at least $500 million of liabilities in its petition.

Shoes for Crews reached a restructuring deal with full support from its lenders and CCMP, according to a company statement. The sale agreement with first-lien lenders serves as a floor price for other bids in a bankruptcy auction.

The company said it reached a deal for $30 million financing to ...