Nine Wests Canadian stores sold to US owner of brand new subsidiary

TORONTO — Nine West’s Canadian shoe stores will remain open after the brand’s American owners reached a deal to buy the business from Toronto-based operator Sherson Group, which had licensed the name.New York-based Nine West Holdings said Monday that it has created a new subsidiary to run the Canadian business, which includes the Nine West, Easy Spirit and Anne Klein brands.The company said it will take over the Sherson Group’s 45 stores and keep the majority of its existing 549 employees.Sherson Group entered bankruptcy protection in July, with filings showing finances at the Canadian company were so tight it couldn’t afford to purchase enough footwear to stock its stores for the fall season.Financial terms for the deal were not disclosed.The Canadian PressLaura’s Shoppe Inc to close 20 stores by September 13, seek rent cuts on 26 othersBoutique Jacob relaunching operations with five Quebec stores read more