Authentic Brands has expanded its portfolio further into shoes with the acquisition of the well known brand, Rockport. Shoshy Ciment reports in Footwear News:
Authentic Brands Group has scooped up Rockport, adding another heritage shoe brand to its growing portfolio.
The company behind dozens of brand and retailer acquisitions announced on Wednesday that the U.S. Bankruptcy Court for the District of Delaware approved the sale transaction of Rockport, a Newton, Massachusetts-based footwear label. Rockport said in June that it filed for Chapter 11 bankruptcy and would put itself up for sale. At the time, the brand said this move was to help it “review and restructure” its assets for the benefit of all stakeholders and to better position it for future growth opportunities.
As of late last month, Authentic had emerged as the stalking horse bidder for Rockport, according to a report in WWD. Terms of the bid were not disclosed, but WWD reported that Authentic said it would need to be reimbursed $1 million for expenses related to the deal if it did not go through, as well as a $1.6 million break-up fee.