Shoe brand Rockport which are sold at major UK outlets including Sports Direct, House of Fraser and Next, files for bankruptcy in the US
- Hopes of a back-to-work sales surge post-Covid never materialised for the firm
Shoe brand Rockport, which is stocked in major UK retailers including Sports Direct and House of Fraser, has filed for bankruptcy in the US.
The manufacturer, which aims to merge the comfort of athletics shoes with the look of smart styles, hoped for a back-to-work sales surge post-Covid, but never saw it materialise.
Rockport, which is also sold in stores including Next, Sole Trader and John Lewis, will operate business as usual as it undergoes voluntary restructuring and seeks a buyer, reports suggest.
It filed for bankruptcy in Delaware last week for the second time in five years.
The company, which reported revenue of more than £159m last year, sells lightweight, comfortable casual and dress shoes inspired by running shoes.
Shoe brand Rockport, which is stocked in major UK retailers including Sports Direct (pictured), has filed for bankruptcy
The US-based brand, which aimed to merge the comfort of athletics shoes with the look of smart styles, hoped for a back-to-work sales surge post-Covid, but never saw it materialise. Pictured: Shoes on sale on House of Fraser’s website
Rockport, which is also sold in stores including Next (pictured), Sole Trader and John Lewis, will operate business as usual as it undergoes voluntary restructuring and seeks a buyer.
Rockport Group CEO Gregg Ribatt has resigned from his position, while Joseph Marchese of PKF Clear Thinking has been appointed chief restructuring officer, according to Ragtrader.
‘The immediate relief of Chapter 11 is appropriate to provide the company the opportunity to assess the situation and develop a process to maximise value recoveries for all stakeholders,’ Mr Marchese said.
‘Rockport has valuable assets that can be effectively administered in an organized joint process.
‘I want to assure every employee, customer, creditor, contract party, investor and other stakeholders that we are going to conduct this effort with diligence, thoroughness and transparency.’
It is unclear what the US bankruptcy filing means for its operations in the UK.
The company was founded by father-and-son team Saul and Bruce Katch 52 years ago.
Rockport will will operate business as usual as it undergoes voluntary restructuring and seeks a buyer
The brand, which aimed to merge the comfort of athletics shoes with the look of smart styles, filed for bankruptcy in Delaware in the US last week
Reebok acquired the business in 1986 for £93m, just as the company was mulling whether to go public.
In 2015, after Adidas, which had acquired Reebok, sold Rockport to a joint venture between New Balance and Berkshire Partners called the Rockport Group.
However, the Rockport Group filed for bankruptcy in 2018 citing a ‘costly and time-consuming separation’ from Adidas.
Charlesbank Capital Partners bought Rockport out of bankruptcy and tried to simplify its business, in part by closing its retail stores in the US while building its online presence.
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