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German fashion house Escada files for insolvency
20 Aug '09
1 min read
Following the opening of preliminary insolvency proceedings of ESCADA AG, Aschheim / Germany, on August 13, 2009, the wholly owned US subsidiary ESCADA (USA) Inc., filed a petition seeking relief under the provisions of chapter 11 of the US Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York.
The filing was submitted in the best interests of the corporation, its creditors and other interested parties with the aim of stabilizing the important US business of ESCADA Group, thereby also being a crucial first step in the overall restructuring of the Group.
The ESCADA Group is an international fashion group for women's apparel and accessories, which is active on the international luxury goods market. It has pursued a course of steady expansion since its founding in 1976 by Margaretha and Wolfgang Ley and today has 182 own shops and 225 franchise shops/corners in more than 60 countries.
The filing was submitted in the best interests of the corporation, its creditors and other interested parties with the aim of stabilizing the important US business of ESCADA Group, thereby also being a crucial first step in the overall restructuring of the Group.
The ESCADA Group is an international fashion group for women's apparel and accessories, which is active on the international luxury goods market. It has pursued a course of steady expansion since its founding in 1976 by Margaretha and Wolfgang Ley and today has 182 own shops and 225 franchise shops/corners in more than 60 countries.
ESCADA AG
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