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Escada America files for Chapter 11 bankruptcy
21 Jan '22
1 min read
Pic: ESCADA
Women's fashion retailer Escada America recently filed for Chapter 11 bankruptcy citing lingering impact of the COVID-19 pandemic and failed lease negotiations with some landlords. The retailer, which operates 10 stores in the United States, is aiming at closing five such stores through the bankruptcy process, reorganise and repay creditors while avoiding ‘a senseless and unnecessary liquidation’.
The retailer had to cut $13 million in expenses during the pandemic and negotiate lower rents with landlords to keep going.
Escada America was formed in 2009 from previous bankruptcy by Escada USA. In 2019, Escada’s owner—the Mittal family—sold the company to the private-equity firm Regent.
Fibre2Fashion News Desk (DS)
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