Home / Knowledge / News / Apparel/Garments / Li & Fung statement on Arcandor filing for insolvency
Li & Fung statement on Arcandor filing for insolvency
10
Jun '09
Li & Fung Ltd announced that parts of Arcandor, including Karstadt, Primondo and Quelle, for which Li & Fung acts as buying agent, have filed for insolvency. Arcandor is an operator of Germany's leading home-shopping and department store businesses. A court in Germany has appointed a preliminary insolvency administrator to help manage the company's future.

As agent to Arcandor, Li & Fung supervises the production of garments and hard goods for Arcandor. The outstanding agency commission owed to Li & Fung is approximately US$5.4 million. “During this period of transition we will remain in close contact with the administrator and factories to assist all parties to continue to work together for their shared benefit,” said Wai Ping Leung, Executive Director of Li & Fung. “Meanwhile, we will provide factories with information about the insolvency proceedings and advise them on how to file claims through proper legal representation in Germany for amounts owed to them,” concluded Ms Leung.

Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 80 offices in more than 40 economies.

Li & Fung Ltd

Must ReadView All

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

India's fashion market to touch $30 bn by 2020: Report

The fashion market in India is estimated at $70 billion in 2016, with ...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search