×
71 959
Fashion Jobs
UNDER ARMOUR
Stock Teammate, Part-Time 5am-10am Shift, $15 Per Hour
Permanent · LEHI
UNDER ARMOUR
Stock Teammate, Part-Time 5am-10am Shift, $15 Per Hour
Permanent · LUTZ
UNDER ARMOUR
Warehouse Administrator, Transportation Direct Ship (Mon-Fri 7:00am to 3:30pm $18.25)
Permanent · RIALTO
UNDER ARMOUR
Manager, Inventory Control And Quality Assurance (Night Shift) Tues-Fri 4pm to 2:30am $43.06
Permanent · RIALTO
UNDER ARMOUR
Manager, Inventory Control And Quality Assurance (Icqa)
Permanent · SPARROWS POINT
UNDER ARMOUR
Stock Teammate, Part-Time 4am-10am Shift, $15 Per Hour
Permanent · NORFOLK
ON RUNNING
Director, Internal & External Communications North America
Permanent · NEW YORK
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15.25 Per Hour
Permanent · SACRAMENTO
UNDER ARMOUR
Operations Manager, Team Sales
Permanent · BALTIMORE
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Bloomie's
Permanent · FAIRFAX
BLOOMINGDALE'S
Asset Protection Supervisor, Full Time - Bloomie's Old Orchard
Permanent · SKOKIE
OLD NAVY
Assistant General Manager - Alameda so. Shore ct
Permanent · ALAMEDA
NEWELL
Manager, Human Resources
Permanent · PATASKALA
ECCO
Import Logistics Manager (Hybrid)
Permanent · LONDONDERRY
DECKERS
1st Shift Inventory Control Cycle Counter/Equipment Operator
Permanent · MORENO VALLEY
DECKERS
Stock Lead, Deckers Brands
Permanent · GOLETA
DECKERS
sr. Product Line Manager, Performance - Hoka
Permanent · PORTLAND
DECKERS
Retail Operations Coordinator
Permanent · GOLETA
DECKERS
Sales Operations Coordinator, Canada & Latin America
Permanent · GOLETA
DECKERS
Vice President, Global Marketing - Hoka
Permanent · GOLETA
DECKERS
Loss Prevention & Safety Manager
Permanent · MORENO VALLEY
DECKERS
Hoka Account Executive - st. Louis
Permanent · ST. LOUIS
Published
Sep 19, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Centric Brands to emerge from bankruptcy in October

Published
Sep 19, 2020

NYC-based brand licensing group Centric Brands Inc., which made a Chapter 11 filing in May, has received approval for its reorganization plan from the United States Bankruptcy Court for the Southern District of New York and expects to emerge from bankruptcy by the end of October.


Centric was one of a number of companies who filed for bankruptcy in the early months of the pandemic - Instagram: @robertgrahamnyc

 
Centric owns the Zac Posen, Hudson, Robert Graham, Swims and Avirex brands, as well as a substantial license portfolio including the likes of Calvin Klein, Tommy Hilfiger, Under Armour, Kate Spade, Hervé Léger and Michael Kors.
 
In accordance with the terms of the reorganization plan, the company will emerge as a private company owned by its current lenders under the leadership of Blackstone, Ares Management , and HPS Investment Partners.

The company anticipates substantially reducing its funded second lien indebtedness in order to successfully position its business for future growth. Blackstone will exchange its second lien debt for equity interests in the reorganized Centric, while Ares and HPS will retain their senior loan positions and receive equity interests in the company.
 
Centric also expects to secure new exit financing in the form of a securitization facility, along with new revolving and term loan facilities from its current secured lenders.
 
“Today’s announcement represents a critical moment in our journey to emerge as an even stronger company, poised for long-term growth,” said Centric Brands CEO Jason Rabin in a release. “I am truly grateful to our dedicated employees for their hard work throughout this process and the Covid-19 pandemic. I’m also appreciative of the continued support of our brand licensors, retailers, sourcing network and lenders, which has allowed us to reach this milestone.”
 
“We continue to execute against our strategy while maintaining our valued, long-standing relationships with our business partners,” he added. “With a strengthened financial position, I am excited about our strong future ahead.”
 
Centric was one of a number of companies to file for Chapter 11 bankruptcy earlier this year due to the economic impact of the Covid-19 pandemic, including department store operators Neiman Marcus Group and J.C. Penney Co., as well as fashion retailer J. Crew Group.
 
In April, the company had already attempted to combat the negative effects of the health crisis by furloughing some 1,346 associates and permanently laying off 600.
 
Even before the pandemic, Centric was burdened by a significant debt load. The company began bankruptcy proceedings with some $1.7 billion in funded debt, including term loans, revolvers and notes.
 

Copyright © 2023 FashionNetwork.com All rights reserved.