Shoes for Crews Files For Chapter 11 Bankruptcy in Delaware

Shoes For Crews and its units have filed voluntary petitions for Chapter 11 in Delaware, according to company statement.

• Co. intends to enter into a stalking horse asset purchase agreement with its first lien secured lenders to sell the business and enable the continued operation of the business as a going concern under new ownership
  • Targets sale process to be completed in ~2 months
• Co. also entered into an agreement to receive $30m of debtor-in-possession financing
  • Expects the DIP financing, together with cash generated from ongoing operations, to provide liquidity to support its operations and ensure continuity of manufacturing and ...