Find in the news:
BY COUNTRY

Rockport faces bankruptcy: second filing in five years



Footwear retailer Rockport Group filed for Chapter 11 bankruptcy for the second time in five years.
Sport shoe - unsplash

Footwear retailer Rockport Group filed for Chapter 11 bankruptcy for the second time in five years. According to the company's press service, at the end of 2022, there was "an inadequate liquidity cushion to survive further economic challenges."

Rockport's liabilities and assets are up to $100 million, with $47 million owed to its five most prominent suppliers and about $100 million total, including 61 with payments due by the end of August 2023.

Rockport's 2022 revenue was more than $200 million. This spring, however, the company said it might close its Massachusetts headquarters, which could result in about 150 job cuts.

Rockport traces its history back to 1971. The company specializes in sneakers, shoe shoes and sandals. Since 1986, the brand has been owned by sports giant Reebok. Finally, in 2015, it sold the business to a joint venture between Berkshire Hathaway and New Balance.

After leaving Reebok, the company ran into financial problems. In 2017, the brand owners sold their stake to lenders. And already in 2018, Rockport restructured. After that, a new strategy was adopted to expand the assortment and attract a youth audience. The bankruptcy case was closed by court order in 2020.

Rockport's revenues in 2020, amid pandemic and retail restrictions, dropped from $275 million to $162 million, and the company's financial situation reached a critical juncture.

"Unfortunately, that sales bump never materialized. Instead, in response to inflationary pressures and weakening economic conditions, the Debtors' wholesale customers and distributors canceled or materially cut back on orders, leaving Rockport holding significant excess inventory," Joseph Marchese, chief restructuring officer of CB Marathon Midco, Rockport's parent company, said in a court filing.

Rockport plans to stay in business while filing for bankruptcy. As of the second quarter of 2023, the company operates in 60 countries, offering products in 1,100 stores. The brand produced 4.8 million pairs of shoes in 2022.

More about shopping malls in the USA



Dec 25, 2023, United Kingdom:
Nestled in the historic heart of London and renowned for its Georgian-era architectural splendor.
Dec 25, 2023, USA:
The company emphasized that cost-cutting is a pivotal focus for its future endeavors.
Dec 22, 2023, United Kingdom:
The sports giant has joined a long list of international brands that will open their store doors at Trinity Leeds shopping center.
Dec 22, 2023, Austria:
The brand will present at iconic locations such as Cortina d'Ampezzo in Italy, Zermatt in Switzerland, and Hochzillertal-Kaltenbach in Austria.
Dec 21, 2023, USA:
Italian fashion house has sealed a deal to acquire the building housing its flagship store.
Dec 21, 2023, Mexico:
Luxury French fashion house Zadig & Voltaire has unveiled its boutique in Mexico City.
Friend
and Follow
Dolphin mall GLA:1 400 000 SF
ADDRESS: 11401 N.W. 12th Street Miami, FL 33172
USA . Miami
Dolphin mall
Westfield Santa Anita ADDRESS: 400 S. Baldwin Ave. Arcadia, CA 91007
USA . Arcadia
Westfield Santa Anita
Designer Outlet Provence GLA:269 098 SF
ADDRESS: Mas de la Peronne, Miramas, France
France . Miramas
Designer Outlet Provence
AEON MALL Okinawa Rycom GLA:839 585 SF
ADDRESS: 901-2300 Tochi-kukaku seirichinai Awase, Kitanakagusuku Village, Nakagami District, Okinawa
Japan . Ginowan
AEON MALL Okinawa Rycom


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us