The Rockport Group LLC, which filed for bankruptcy on May 14, announced that, after completing a court-approved marketing process, the company intends to complete the previously announced asset purchase agreement with CB Marathon Opco LLC, an affiliate of Charlesbank Capital Partners LLC, pending approval by the United States Bankruptcy Court for the District of Delaware.

The sale to Charlesbank will enable Rockport to ensure the continuation of its deep heritage and great brands and enhance its focus on its global wholesale, independent and e-commerce businesses. With the financial strength, consumer expertise and support of Charlesbank, Rockport will be better positioned in today’s evolving retail landscape. Following the sale to Charlesbank, post-closing Rockport will have significantly less debt than it did before the sale, which will strengthen its ability to meet the needs of customers and consumers and help further position the company for growth and long-term success.

Throughout this process and following the sale to Charlesbank, Rockport customers can continue to shop Rockport’s exceptional quality brands and diverse assortment of footwear at leading department stores and specialty retailers around the world, as well as through the company’s e-commerce platform.

On May 14, 2018, Charlesbank was named the stalking horse bidder in Rockport’s court-supervised sale process under Section 363 of the Bankruptcy Code. Pursuant to the bid procedures approved by the Bankruptcy Court, qualified bidders were required to submit competing bids before 5:00 p.m. Eastern Time on Friday, June 29, 2018. Rockport engaged in discussions with a number of potential buyers and did not receive any competing bids in advance of this deadline. Accordingly, the auction previously scheduled for July 10, 2018 will not be held. Rockport will now move forward with its sale to Charlesbank following the court’s approval.

As previously announced, under the Agreement, Charlesbank will acquire substantially all of Rockport’s assets, including the global wholesale, independent and e-commerce operations and all of its Asia and Europe operations and retail stores. As part of its ongoing Chapter 11 process, Rockport also began the orderly wind-down of its North American retail operations, which will be completed no later than July 31, 2018.

Additional Information

Additional information regarding Rockport’s sale process and restructuring is available at www.rockportrestructuring.com. Court filings and information about the claims process are available at https://cases.primeclerk.com/rockport.

Richards, Layton & Finger PA is serving as legal counsel to Rockport. Alvarez & Marsal is serving as restructuring advisor and Houlihan Lokey Inc. is serving as investment banker and financial advisor.