Shoes For Crews, LLC, a leader in slip-resistant footwear, has filed for Chapter 11 bankruptcy to conduct a sale transaction that promises business continuity and global market expansion.
The filing, supported unanimously by its lenders and equity sponsor CCMP Capital Advisors, is part of a prearranged restructuring plan.
The company aims to complete the sale within two months, under the supervision of the U.S. Bankruptcy Court for the District of Delaware.
Donald Watros, the CEO, expressed confidence in the company’s future, citing the restructuring as a pivotal move for sustained investment and customer service.
Shoes For Crews has secured $30 million in debtor-in-possession financing to maintain operations and uphold commitments to employees and customers during the transition. Operations outside the U.S., including in Canada, Europe, the Pacific, and Asia, remain unaffected.