Nine West has agreed to buy back control of its Canadian stores from Toronto-based Sherson Group.
The U.S. shoe brand has created a specific subsidiary to run the Canadian business, which includes Nine West, Easy Spirit and Anne Klein stores, The Globe and Mail reported. The company will take over the Sherson Group's 45 stores and keep most of the employees.
Sherson Group filed for bankruptcy in July. The company did not have enough cash to stock stores for the fall season.
Details of the financial terms have not yet been disclosed.
Nine West is not the only U.S. retailer that has had trouble in Canada. Most well known is the retreat of Target (NYSE:TGT) from Canada earlier this year. The big-box retailer was forced to shutter all 133 locations in Canada after a failure to recover from its initial blunders when entering the country.
-See this The Globe and Mail article
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