(Bloomberg) -- Slip-resistant footwear maker Shoes for Crews filed for bankruptcy with plans to sell the business to lenders. 

The CCMP Capital Advisors-backed company sought Chapter 11 protection in Delaware on Monday, listing assets of at least $100 million against at least $500 million of liabilities in its petition. 

Shoes for Crews reached a restructuring deal with full support from its lenders and CCMP, according to a company statement. The sale agreement with first-lien lenders serves as a floor price for other bids in a bankruptcy auction. 

The company said it reached a deal for $30 million financing to fund itself through bankruptcy. Chapter 11 allows a company to continue operating while it works out a plan to repay creditors. 

Shoes for Crews, based in Boca Raton, Florida, employs 340 people and sells around four million pairs of shoes annually, according to court papers. Its customer base includes restaurants, supermarkets, hotels, casinos and healthcare providers.  

In court documents, Chief Financial Officer Christopher Sim said the company struggled with increased competition from online retailers, inflation and pandemic disruptions that upended spending in the hospitality industry. 

The case is Never Slip Holdings Inc., 24-10663, U.S. Bankruptcy Court for the District of Delaware. 

©2024 Bloomberg L.P.