Tsuss, Escada
German couture brand, Escada, will seek court protection. The company in supposed to file for insolvency at a court in Munich today.
After 46 percent of bondholders backed an offer to exchange old debt for new notes, Escada still fell short of the 80 percent threshold that would have enabled it to obtain a bank loan, the Munich-based clothier said in a statement late on Tuesday.
The brands $10,000 robes are worn by stars including Demi Moore. More than 2,200 employees are affected by the insolvency which follows the failure of fashion companies including IT Holding SpA, owner of the Gianfranco Ferre label, and Christian Lacroix SNC.
The company’s CEO was Bruno Saelzer, a former CEO of Hugo Boss AG, brought in by Escada investors including German billionaire brothers Wolfgang and Michael Herz.
But fear not eModa fans, OUR German website is still going strong, feel free to seek out retail therapy at: http://www.emoda.de/
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Monday, 31 May, 2010 at 21:38
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