Shoe company Nine West are getting ready to close their brick and mortar stores.
The seemingly everywhere shopping mall merchant that became a destination for stilettos, clogs and handbags has been decreasing it’s shopping centre presence as of late, and its brick and mortar shops may soon close across the board forever, in order to compete with online shoes stores.
The 40-year-old brand founded by the late designer Vince Camuto is facing retail extinction since the remaining 25 shops throughout the U.S. — down from about 227 a decade ago — seem to be on limited time.
That’s Since Nine West Holdings, owned by private equity company Sycamore Partners, is in an auction proceeding that could spur a liquidation of the stores, according to sources knowledgeable about the circumstance. The reasoning behind this is that the equity is gone and along with that the creditors are fed up, they would like to determine how to get their money back. Licensing firms are currently being approached to ascertain their interest in the corporation’s brands, including Anne Klein, Gloria Vanderbilt, L.E.I, Givenchy antiques and 14 others, which are sold in department stores and which have been hit hard by the shopping mall recession.
In New York City, the last full-price Nine West store, located at the Rockefeller Center, shut its doors for good at the end of May to continue selling its shoes online. In accordance with the bright-blue store front signs in the window, it is going to be replaced in the autumn by Warby Parker, the trendy eyewear retailer that is popular with Millennials. Although, Nine West was there a long time said Faith Hope Consolo, chairman of retail for Douglas Elliman Real Estate, who stated that Nine West were currently not undertaking any more leases of brick and mortar sites.
There are just two Nine West outlet shops in town — in the Bronx and in Brooklyn — as the company shifts its attention to e-commerce where the company will continue selling women’s shoes at an affordable price, according to individuals knowledgeable about the business’s plans.
The Sycamore Partners bought the Nine West company from Jones Apparel Group for $2.4 billion back in 2014, it acquired 34 brands, some of which it subsequently sold off, including Easy Spirit this year.
The investment company, led by buyout mogul Stefan Kaluzny, last month jumped at a $6.9 billion deal to purchase Staples, but sources say it’s very likely to drop the workplace merchant’s stores while focusing on its wholesale operations.
Nine West was such a powerhouse in its own day said Gabriella Santaniello of A Line Partners, a retail consultancy. She along with other retail experts say that the chain recently has been pummelled by rivalry with Steve Madden, Amazon’s online shoe giant Zappos and a new production of fast-fashion retailers selling women’s shoes online.
At its elevation in 2006, Jones Apparel owned and operated 796 shops, with Nine West accounting for the largest chunk of its retail business. In 2007, Nine West brands accounted for 10.4 percent of the women’s footwear market, its chief executive at the moment, Andrew Cohen, told police throughout a hearing from the Federal Trade Commission on competitive issues between resellers the company was facing.