Nine West Holdings Inc has filed for bankruptcy

Here we go again.

Another global retailer has collapsed under financial strain, with Nine West Holdings Inc filing for bankruptcy.

Chief executive Ralph Schipani confirmed the news on Friday, with the group applying for Chapter 11 protection at the United States Bankruptcy Court for the Southern District of New York.

The company is currently trying to facilitate the sale of Nine West and Bandolino brands to Authentic Brands Group (which owns Juicy Couture). If successful, it’s reported the sale will enable Nine West Holdings Inc to restructure and focus on its growing businesses including One Jeanswear Group, The Jewellery Group (Zamel’s), The Kasper Group and Anne Klein.

“Once we complete the reorganisation process, our company will have meaningfully reduced debt and interest costs and be well-positioned for the future,” Schipani said in a statement.