KKR-Backed Women’s Fashion Firm Files for Bankruptcy Protection

The Collected Group Company, a women’s fashion firm co-owned by private equity giant KKR & Co., filed for bankruptcy protection with plans to slash debt and give senior lenders ownership.

Under a reorganization proposal that must be approved by a judge, the company would eliminate $150 million in debt, the second time in three years the company restructured its balance sheet. In 2018, affiliates of KKR and Callodine Commercial Finance swapped about $40 million in debt for ownership as part of an out-of-court restructuring, according to court papers.

KKR and Callodine then tried to sell the company beginning in ...