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Creditor Group Led by Jefferies to Take Over TOMS Shoes in Debt Restructuring

December 31, 2019, 09:00 AM
Filed Under: Apparel
Related: Restructuring

TOMS Shoes, a maker of footwear perhaps best known for its charitable principles and low cut canvas slip on, has reached a deal with creditors to avoid a possible bankruptcy filing, according to multiple media reports.

Reuters first broke the news, based on an internal letter distributed to employees. The company, owned by Bain Capital and founder Blake Mycoskie, will be taken over by group of creditors led by Jefferies Financial Group Inc, Nexus Capital Management LP and Brookfield Asset Management Inc. in exchange for debt relief, including a $300 million loan due next year that Toms Shoes was reportedly struggling to pay down.

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