The Rockport Company Files For Bankruptcy
The Rockport Group has filed for chapter 11 bankruptcy protection with the intentions of keeping the company alive. Rockport is open to the idea to close all 27 of their retail stores in the United States. Which would make sense due to the bulk of their business comes from wholesale.
The company plans to sell its assets to private equity group Charlesbank under a bankruptcy plan. Rockport is still allowed to accept other buyout offers if they are presented with one from other entities.
The Rockport Group will focus on wholesale and online sales and get away from the standalone physical retail store.