The licensing group is expected to emerge from bankruptcy by the end of October after a Chapter 11 filing in May.
Centric Brands license portfolio consists of a number of globally successful brands including Calvin Klein, Tommy Hilfiger, Under Armour, Kate Space and Michael Kors. The economic impact following the global outbreak of the Coronavirus saw the group file for Chapter 11 bankruptcy, however even before the global pandemic, Centric Brands was struggling with a significant amount of debt.
The terms of their new plan outlines that Centric Brands will emerge as a private company owned by its current lenders under the leadership of Blackstone, Ares Management and HPS Investment Partners.
“Today’s announcement represents a critical moment in our journey to emerge as an even stronger company, poised for long term growth. I am truly grateful to our dedicated employees for their hard work throughout this process and the Covid-19 pandemic. I’m also appreciative of the continued support of our brand licensors, retailers, sourcing network and lenders, which has allowed us to reach this milestone.” commented Chief Executive Officer Jason Rabin.
