Dutch clothing firm G-Star RAW recently filed for Chapter 11 bankruptcy protection in the United States due to the impact of the coronavirus pandemic. The firm’s physical stores have been steadily running into losses because of closures. “In response to these changes, we need to restructure our store portfolio in several regions,” said a company spokesperson.
“This does not mean that we are exiting regions, we are merely restoring the balance between physical stores, strategic partners and online presence,” the spokesperson said.Dutch clothing firm G-Star RAW recently filed for Chapter 11 bankruptcy protection in the United States due to the impact of the coronavirus pandemic. The firm's physical stores have been steadily running into losses because of closures."In response to these changes, we need to restructure our store portfolio in several regions,' said a company spokesperson.#
“At this moment, we are revisiting our store portfolio in the US and Sweden. In the US we took the initiative to file for Chapter 11, subchapter 5. This is possible due to a minimal amount of debt. It is our intention to continue with a smaller, healthy retail portfolio that better fits the current market situation. In Sweden, we will continue to serve our loyal consumers through other channels,” the spokesperson was quoted as saying by US media reports.
Fibre2Fashion News Desk (DS)
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