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German luxury clothing label Escada files for insolvency
07 Sep 20 1 min read
Pic: Escada
German luxury women's designer clothing company Escada SE recently filed for insolvency proceedings at the Munich district court. The proceedings only concern Escada SE and no other companies of the Escada Group. The move will affect the jobs of 180 employees who work at the company’s headquarters in Munich and in eight of its stores in Germany.
The label, which suffered declining sales in recent years that was compounded by the COVID-19 pandemic and resulting store closures, is hopeful of continuing operations during the proceedings, according to European media reports.
The local court appointed lawyer Christian Gerloff, a partner from law firm Gerloff Liebler Rechtsanwälte, as temporary insolvency administrator.
“Escada is one of the few German fashion brands that is recognised worldwide and has a great heritage,” Gerloff said in a statement.
“We will try to clarify very quickly the future options of the company that is such an essential part of the Escada Group. The focus is initially on the continuation of business operations. To this end, I will soon be holding discussions with all key stakeholders,” he added.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
The label, which suffered declining sales in recent years that was compounded by the COVID-19 pandemic and resulting store closures, is hopeful of continuing operations during the proceedings, according to European media reports.
The local court appointed lawyer Christian Gerloff, a partner from law firm Gerloff Liebler Rechtsanwälte, as temporary insolvency administrator.
“Escada is one of the few German fashion brands that is recognised worldwide and has a great heritage,” Gerloff said in a statement.
“We will try to clarify very quickly the future options of the company that is such an essential part of the Escada Group. The focus is initially on the continuation of business operations. To this end, I will soon be holding discussions with all key stakeholders,” he added.
Fibre2Fashion News Desk (DS)
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
