fashion + beauty + insider interviews + est 2006
Wednesday, August 12, 2009
FALL OF THE HOUSE OF ESCADA????
Germany- Directors for the international women luxury brand, Escada, meet today to discuss filing for insolvency this week after 46 percent of bondholders rejected the offer to exchange old debt for new notes. The company needed 80 percent approval to continue surviving as it has been a tough road for the luxury brand the past years with its stock values going down. Now more than 2,000 employees are affected by the insolvency. Ouch. Whether it's another victim of the economy or just bad business-making decisions from the brand, this for sure does not look good for the fashion industry.
Posted by ZANDILE BLAY at 6:58 PM