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The Rockport Group, an established American footwear brand, has filed for Chapter 11 bankruptcy protection in Delaware for the second time in half a decade. Despite posting $203 million in revenue in 2022, the company is entering a voluntary restructuring process and has initiated negotiations with a potential buyer.
Founded in Massachusetts in 1971, Rockport has 30 distributor partners in over 60 countries and 1,100 points of sale. The filing for bankruptcy occurred despite reporting 2022 revenue of over $203 million last year.
Rockport is entering a voluntary restructuring process and has already negotiated with a potential purchaser. During the Chapter 11 proceedings, legal advice comes from Potter Anderson & Corroon LLP. Stifel, Nicolaus & Co., Inc. and its affiliate Miller Buckfire & Co., LLC serve as Rockport's investment banker, and PKF Clear Thinking as its restructuring advisor.
Despite the difficult circumstances, Rockport's chief restructuring officer, Joseph Marchese of PKF Clear Thinking, has emphasized the company's valuable assets, which can be effectively administered in an organized joint process to maximize value recoveries for all stakeholders.
Marchese said Chapter 11 was "appropriate to provide the company the opportunity to maximize value recoveries for all stakeholders." Chapter 11 provides an opportunity to assess the situation. The company's assets are valuable, and we plan to maximize value recoveries for all stakeholders by conducting a diligent, thorough and transparent effort, Marchese said.
CEO Gregg Ribatt has resigned while negotiations are ongoing with a potential buyer. Despite the Chapter 11 process, Rockport will continue operating "business as usual" with the expected service and product quality.
The company will use debtor-in-possession financing to secure liquidity and maintain operations, subject to court approval. Also, negotiations are ongoing with an experienced industry purchaser to serve as a stalking horse bidder during the Chapter 11 sales process.
