After filing for Chapter 11 bankruptcy in May, Centric Brands group is finally now leaving bankruptcy under new ownership.
Founded in 1987, Centric Brands has undergone many iterations in its lifetime. Beginning as a consumer products company, Centric has now grown its portfolio of licensed and private labels. Today, it designs, sources, markets and sells products under licenses for such brands as Calvin Klein, Frye, Joe’s Jeans, Timberland and Under Armour as well as others.
The onset of the Coronavirus saw the company forced to shutter its stores and Centric Brands was forced to file for Chapter 11 bankruptcy. Following months of reorganisation, the company has now reduced their debt by $700M and is now under new ownership. Blackstone, Ares Management and HPS Investment Partners now control the company.
“We now emerge with an optimised business structure, supportive partners, a qualified and engaged Board, and strengthened financials. We look forward to maximising our potential and creating opportunities for future growth,” commented Chief Executive Officer Jason Rabin.
