There will be no operational changes to Rockport Australia, as the parent company undergoes voluntary restructuring under Chapter 11 bankruptcy.
US-based Rockport Group has also entered into negotiations with a potential purchaser which has significant experience in the industry.
Australian and New Zealand distributor True Alliance confirmed the footwear brand is continuing to operate as normal during the process.
“It’s business as usual for Rockport Australia and we look forward to being in communication with a new brand owner in time,” a True Alliance spokesperson confirmed with Ragtrader.
On June 19, Rockport Group filed for bankruptcy under Chapter 11 in the District of Delaware. It confirmed the business would continue operating as part of a restructure and sales process.
Rockport Group CEO Gregg Ribatt resigned from his position, with PFK Clear Thinking's Joseph Marchese appointed as chief restructuring officer.
“The immediate relief of Chapter 11 is appropriate to provide the company the opportunity to assess the situation and develop a process to maximise value recoveries for all stakeholders,” Marchese said.
“Rockport has valuable assets that can be effectively administered in an organized joint process. I want to assure every employee, customer, creditor, contract party, investor and other stakeholders that we are going to conduct this effort with diligence, thoroughness and transparency.”
The company currently anticipates no disruption in service or product quality.