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Creditors take ownership of Toms Shoes

Business

Creditors take ownership of Toms Shoes

By Robyn Turk

3 Jan 2020

Toms Shoes has transferred ownership of the company to its creditors to restructure its debt. Reuters first reported the news following a letter sent by the company to its employees at the end of December.

Previously, Toms was owned by brand founder Blake Mycoskie and private equity firm Bain Capital. The group of creditors taking over ownership include Jefferies Financial Group Inc, Nexus Capital Management LP and Brookfield Asset Management Inc.

These creditors will provide debt relief, including repayment of a 300 million dollar loan that Toms would have needed to pay back in 2020.