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August 14, 2009

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Escada makes bankruptcy filing

GERMAN fashion company Escada AG has filed for bankruptcy after being unable to obtain sufficient financing, a Munich district court said yesterday.

The Munich-based company, famous for women's fashion and accessories, was expected to make the filing this week after it failed to get the necessary support for an earlier bond swap.

Escada was once one of the biggest fashion brands in the world, but its popularity, sales and earnings have declined in recent years.

The company said a number of restructuring measures had been contingent on the bond swap working, but it didn't get enough support from the bondholders.

The company said earlier this week that the situation was "regrettable," but that it still hoped for a turnaround in its finances and business.


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