Shoe Company Rockport, Popular with Bnei Torah, Files For Bankruptcy For Second Time In 5 Years

12
>>Follow Matzav On Whatsapp!<<

The Rockport shoe company, whose products are quite popular among yeshiva bochurim and yungeleit, has once again filed for Chapter 11 bankruptcy, marking the second time in five years.

According to court documents, despite a revenue of over $203 million in 2022, the company finds itself ill-prepared to withstand further economic challenges due to an insufficient liquidity cushion.

In the bankruptcy petition submitted to federal court in Delaware, Rockport has listed its liabilities and assets as ranging between $50 million to $100 million. The company owes nearly $47 million to its top five creditors, all of whom are vendors or suppliers. Additionally, the company carries almost $100 million in funded debt obligations, with about $61 million of that amount due in August.

Earlier, Rockport notified state officials about the possibility of closing down its Massachusetts headquarters, a move that could lead to the elimination of approximately 150 jobs, as reported by The Boston Globe.

Despite the bankruptcy filing, Rockport intends to keep its operations running throughout the Chapter 11 proceedings. The company operates on an international scale and boasts 30 distributor partners across more than 60 countries, with over 1,100 points of sale. Its inventory is sourced from various manufacturers based in China, India, Bangladesh, Vietnam, and Brazil. In 2022, these partners collaborated to produce a total of 4.8 million pairs of shoes, according to Rockport’s statement.

{Matzav.com}


12 COMMENTS

  1. Bern buying their shoes since early 80’s
    Their quality has gone down over the years while their prices rose Biggest problem is they don’t honor their guarantee

  2. I received an email from them saying among many other things:

    Although The Rockport Company, LLC no longer will continue to operate as a legal entity, Authentic Brands Group LLC will work with a licensed partner to operate Rockport and to bring you the products that you currently enjoy.

    So for the time being at least, the shoes will still be around even if Rockport itself won’t be

  3. With all the accumulative tzaros Klal Yisroel has faced during the thousands of years of galus, this one is too much to bear. I honestly don’t see how we go forward.

  4. Authentic Brands bought Rockport. I received an email from Rockport with the content below.

    Dear Valued Rockport Customer – Thank you for your loyalty and dedication to the Rockport brand!

    As of August 7, 2023, Authentic Brands Group (“Authentic”) will be acquiring certain assets of The Rockport Company, LLC, including the Rockport brand and the Rockport customer base. On July 27, 2023, the United States Bankruptcy Court for the District of Delaware approved the sale of these assets to Authentic. Although The Rockport Company, LLC no longer will continue to operate as a legal entity, Authentic will work with a licensed partner to operate Rockport and to bring you the products that you currently enjoy.

  5. What a country! You can screw people by not paying your bills thereby destroying their businesses and still come out better and stronger than before. Sick system

  6. The Ruzhiner Rebbe zt”l said that before Moshiach will come there will be huge prosperity so that we should appreciate the immense goods (even more than the financial goods) that will be with the coming of Moshiach bv”o.
    According to current Gedolei Yisroel, Moshiach should be here very very soon. Those who are awake to what’s really happening in the world can see how things are developing to welcome Moshiach.

    Nesara, a forgiveness of all sorts of debts, mortgages, student loans, credit cards, (as was already reported on MSM in the UK last week) will be starting very soon, together with amazing technologies that have been hidden from the public. One of which is replicating machines for clothing, food and whatever, coming for everyone.

LEAVE A REPLY

Please enter your comment!
Please enter your name here