BOCA RATON, Fla. — Shoes For Crews, LLC, a global leader and pioneer in slip-resistant footwear for the foodservice sector, announced that it has completed the sale of substantially all of its assets to its first lien secured lenders via a stalking horse credit bid. The sale transaction marks the company’s emergence from its Chapter 11 process.
Through the sale transaction, the company right-sized its capital structure, eliminating more than $300 million of debt and providing the business with operational flexibility to achieve its continued growth targets. The sale transaction includes the establishment of a new credit facility that’ll provide additional capital to support the company’s growth investments and operational needs.
“This successful transaction marks the start of our next era and provides us with the capacity to invest in growth across key markets and better serve our global customer base with best-in-class products,” says Donald Watros, president and CEO, Shoes For Crews. “As we celebrate our 40th anniversary on strong financial footing, we’re introducing more innovative slip-resistant footwear lines to bring each employee home safely.”
Slip-and-fall injuries are a leading cause of workplace injury in the foodservice sector, with more than three million foodservice employees injured by restaurant slips and falls each year, costing the industry more than $2 billion annually. With $300 million of debt eliminated and a stronger financial foundation under new ownership, Shoes For Crews will continue investing in its products.
Following the close of the transaction, ownership of Shoes For Crews and its international entities will transfer to a group of top-tier global investment firms. The company’s current management team will continue to lead the business.
Shoes For Crews’ customers, key vendors and employees will not be impacted as a result of the sale and the company will continue to deliver its slip-resistant footwear to customers around the world. As it looks into the future, the company is actively enhancing its operational capabilities and developing new product lines to address workers’ needs as it expands into new markets to meet growing customer demand.
