Footwear manufacturer Rockport Company has announced that its group of companies has commenced bankruptcy proceedings, writes ILM.

Rockport Company, CB Marathon Midco, Rockport IP Holdings, Rockport UK Holdings and CB Footwear Services have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.

Amid restructuring, the company also intends to auction off its assets. CEO Gregg Ribatt has resigned from his role but will remain available to support the transition, while Joseph Marchese of PKF Clear Thinking has been appointed Chief Restructuring Officer.

In a statement, Rockport said that “many employees” are expected to remain with the business to support Marchese and others during the Chapter 11 proceedings.

The company also said that it expects to continue operating normally in this period and customsolvencyers should see no disruption in service.