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Main image for Private Equity Pumped Billions into Dozens of Shoe Brands — Then They Went Bankrupt
News|Quote

Private Equity Pumped Billions into Dozens of Shoe Brands — Then They Went Bankrupt

Footwear News (FN)

6.18.2018

One by one, they fell down.

In the past three years,
 a slew of familiar and beloved staples — Sports Authority, Payless ShoeSource, Sports Chalet, Aerosoles and many 
of their peers — flocked to bankruptcy court seeking cover from a barrage of retail disruptors. The rapid rise of e-commerce, the growing importance and convenience of Amazon and an overwhelming shift in consumer preference toward experiential spending have become familiar ailments cited by the industry’s struggling herd.

“The key [point] is [that this has been] the perfect storm,” explained Howard Berkower, attorney and partner at law firm McCarter & English. “The private equity formula is to be highly levered [with debt] so that they can buy out [a firm’s] existing owners or founders. They’re not looking to have the business go through a major shift.”

Click to read full article: “Private Equity Pumped Billions into Dozens of Shoe Brands — Then They Went Bankrupt”

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