Bankruptcy news and archive

New Guards Group files for bankruptcy protection in Italy

New Guards Group (NGG), the Farfetch-owned parent company of Palm Angels and Ambush, has filed for a form of bankruptcy protection in Italy as its pursuit for a buyer continues to trudge on. According to various media platforms, the Italian fashion group has applied for a ‘composizione negoziata per la soluzione della crisi dímpresa’ (or CNC), a...

Business

Esprit's US subsidiaries file for bankruptcy

Following the collapse of activities in key European markets, the wave of bankruptcies at clothing retailer Esprit Holdings Ltd. has continued. On Monday, the group announced that its US subsidiaries Esprit US Distributions Limited (USDS) and Esprit US Retail Inc. (USRI) filed for bankruptcy on October 25. According to the company, USDS is...

Business

Dutch branch of Esprit files for bankruptcy

Esprit Holdings Limited has filed for bankruptcy for its Dutch subsidiary NLEB with the Amsterdam court on 22 July, as announced in a press release. NLEB generated 6.7 percent of Esprit Holdings Limited's total revenue. NLEB is responsible for Esprit's activities in the Netherlands, including both wholesale and retail. The firm is also a...

Business|Breaking Featured

No relaunch for European retail branch Scotch & Soda

Scotch & Soda's northern European retail branch, S&S Europe B.V., will not be restarting its operations, as per Dutch online news platform nu.nl who spoke to the administrators. The physical shops are reportedly closing 'immediately'. The website will be taken forward by 'another company'. The northern European retail branch was declared...

Fashion Featured

Boom or bust: The challenges of launching a fashion label today

A handful of respected and previously successful brands, including Mara Hoffman, Dion Lee, and The Vampire’s Wife, have recently ceased operations. Their struggles underscore the formidable challenges faced by independent fashion designers in today’s market. Competing against well-oiled conglomerates, the market is saturated with brands and...

Retail

Ted Baker is closing North American stores amid bankruptcy proceedings

All Ted Baker stores in the North American region are reportedly preparing to close after the British retailer filed for bankruptcy last month. It is believed that 31 of its US stores and nine of its Canada-based stores are to shutter, while both regions are also no longer able to shop via the brand’s online website. This comes shortly after the...

Business

Belgian branch of Esprit files for bankruptcy

The Belgian branch of fashion brand Esprit, Esprit Belgium Retail N.V. (BEBR), has joined its counterpart in filing for bankruptcy with an insolvency court in Belgium on 8 April, Esprit Holdings Limited announced in a press release. The news comes a few weeks after the fashion brand's Swiss arm collapsed. The bankruptcy will only affect the...

Bankrupt Renewcell receives multiple bids

Things aren’t over yet for Renewcell, as the Swedish textile recycling company is said to have received “multiple bids” for its business and assets. The bankruptcy trustee confirmed that several purchase offers had been submitted for the business and estate assets ahead of the deadline on March 28. All offers are said to be undergoing a thorough...

BusinessFeatured

H&M-backed textile recycler Renewcell files for bankruptcy

Swedish textile-to-textile recycling company Renewcell, behind the Circulose fibre and backed by fashion chain H&M, has filed for bankruptcy. In a statement, the textile innovator said it had filed for bankruptcy at the Stockholm District Court as it "has not been able to secure sufficient financing". At the end of 2023, the company reduced its...

Business

Several Dutch stores of Clarks fall to bankruptcy

The curtain has come down on several stores of British shoe brand Clarks. The stores in Amsterdam (two), Breda, The Hague, Eindhoven, Haarlem, Leidschendam, Maastricht, Rotterdam and Utrecht were declared bankrupt on January 9, according to the public insolvency register. G.A. De Wit has been appointed receiver. FashionUnited sought contact with...

Business

JD Sports' Dutch subsidiary reportedly files for bankruptcy

Sports Unlimited Retail, the parent company of sports retailers Sprinter, Aktiesport and Perry Sport and the Dutch subsidiary of JD Sports, is understood to have been declared bankrupt, local media outlet RTL Z has reported. The bankruptcy would affect 54 shops and 1,100 employees. FashionUnited has contacted the firm and is still waiting for a...

Business

Tomia Beauty, parent of TréStique, files for bankruptcy

Tomia Beauty ,the parent company of colour cosmetics brand TréStique, has filed for bankruptcy in a New Jersey court following the revelation of an ongoing dispute between the founders. Court documents linked to the case suggested that there was friction between Jennifer Kapahi and Jack Bensason, the duo that founded TréStique in 2015. The legal...