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Kudos Fashion slips in to administration
18 Apr '11
2 min read
Vancouver based Current Fashion, a women's fashion chain with 10 outlets, together with its associated factory is under receivership.
Kudos Fashion Corporation, which employs 80 workers and is a holding firm of Current, slipped into receivership on April 13. Sandy Hayden, Co-owner of Kudos said that, they genuinely desired to try to keep it as a domestically manufactured firm.
Hayden stated that, they have been facing several challenges, right from the Canadian dollar getting at par with the US dollar to a shift in production to foreign countries. However, they still tried to keep paying fair wages and to keep their domestic units operational, but failed to compete with the big retailers who entered the domestic market.
She further said that, women buyers in Current's mid-40 segments have become very much alert. There are reports that the Canadian economy is performing, but actually this is not the ground reality as the finances are very tight, and hence people have started thinking, which has lead to a change in way of consumption, Hayden said.
She said that, it has taken them long time to penetrate the minds of consumers, and now when they are associated with a number of clothing and fabric suppliers, it has just been so depressing over the months.
The situation has worsened than they were a couple of years back, Hayden added.
Kudos Fashion Corporation, which employs 80 workers and is a holding firm of Current, slipped into receivership on April 13. Sandy Hayden, Co-owner of Kudos said that, they genuinely desired to try to keep it as a domestically manufactured firm.
Hayden stated that, they have been facing several challenges, right from the Canadian dollar getting at par with the US dollar to a shift in production to foreign countries. However, they still tried to keep paying fair wages and to keep their domestic units operational, but failed to compete with the big retailers who entered the domestic market.
She further said that, women buyers in Current's mid-40 segments have become very much alert. There are reports that the Canadian economy is performing, but actually this is not the ground reality as the finances are very tight, and hence people have started thinking, which has lead to a change in way of consumption, Hayden said.
She said that, it has taken them long time to penetrate the minds of consumers, and now when they are associated with a number of clothing and fabric suppliers, it has just been so depressing over the months.
The situation has worsened than they were a couple of years back, Hayden added.
Fibre2fashion News Desk - India
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