Shoes For Crews, LLC, a global leader in slip-resistant footwear, has completed the sale of its assets to its first lien secured lenders through a stalking horse credit bid, marking its emergence from Chapter 11. This transaction has restructured the company’s capital by eliminating over $300 million in debt, enabling operational flexibility for future growth. A new credit facility has been established to support ongoing investments and operational needs.
Donald Watros, President and CEO of Shoes For Crews, emphasized that this transaction positions the company strongly for growth, allowing investments in innovative slip-resistant footwear lines. Ownership has transferred to a consortium of global investment firms, affirming confidence in the company’s business model and leadership.
Customers, vendors, and employees will experience no disruptions, with continued focus on delivering top-quality products worldwide. Shoes For Crews remains committed to enhancing operations and expanding into new markets to meet increasing customer demands.
Legal and financial advisors include Ropes & Gray LLP, Chipman Brown Cicero & Cole, LLP, Berkeley Research Group, LLC, Solomon Partners Securities, LLC, C Street Advisory Group for Shoes For Crews, and Paul Hastings LLP, King & Spalding LLP, and Ankura Consulting for the Investors.
