(Bloomberg)—Nine West Holdings Inc. and its creditors are closing in on a deal to restructure almost $1.5 billion of debt that would include filing for bankruptcy and selling off parts of the shoe and clothing retailer, according to people with knowledge of the negotiations. The plan hinges on asset sales to pay off creditors, according to the people, who asked not to be identified because the negotiations are private. Nine West would seek Chapter 11 court protection with a restructuring plan agreed upon in advance by its creditors, said the people.