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.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 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)
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