08/24/2015 05:31 EDT | Updated 08/24/2016 05:59 EDT

Nine West Sold To American Owner

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.

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