Bankruptcy news and archive

Scotch & Soda files for bankruptcy for Dutch operations amid 'severe cash flow issues'

Fashion retailer Scotch & Soda has filed for bankruptcy for its Dutch operations following “a chain of events that accelerated severe cash flow issues”. The company said in a LinkedIn post that the pandemic combined with high inflation forced it to declare bankruptcy in the Netherlands despite reporting record sales of 342.5 million euros in...

Business

Brooks Brothers files for bankruptcy protection

Brooks Brothers, a collegiate menswear brand founded in 1818, is the latest retail victim filing for bankruptcy protection. The 200 year-old company is hoping to keep creditors at bay while it searches for a buyer. The upmarket retailer is owned by Luxottica founder Claudio Del Vecchio, who bought the company from Marks & Spencer in 2001. Brooks...

People

Marc Beilinson resigns as board member of Neiman Marcus

Neiman Marcus Group has announced that Marc Beilinson has resigned from his position as board member of the group’s Board of Managers. Beilinson, who has helped the group exit Chapter 11 bankruptcy, resigned due to his emergency heart surgery last week. While he is expected to make a full recovery, his doctors have advised him to temporarily...

Business |UPDATE Featured

Iconic US department store Barneys officially files for bankruptcy

New York-based department store Barneys has filed for Chapter 11 bankruptcy protection after weeks of speculation. It has entered into an agreement with Gordon Brothers and Hilco Global, whose affiliates have provided it with 75 million dollars of new capital to stay afloat during the proceedings. As part of the restructuring, Barneys announced...

Business

Strenesse files for bankruptcy again

It has come to light that German fashion brand The Strenesse New GmbH has filed for an order of temporary self-administration with the local court of Bavarian city Nördlingen already on June 26, 2019. “This procedure allows a smooth continuation of the business. … [and] offers the opportunity for realignment of the company’s operational...

Business

What is happening with Roberto Cavalli?

On 2nd April, the court of Milan granted ailing Italian luxury fashion brand Roberto Cavalli SPA creditor protection (“Pre Concordato” status) with up to 120 days to present a turnaround plan. At the end of March, The Art Fashion Corp, the business that operates Cavalli's North American operations, filed for bankruptcy, locally known as Chapter...

Business

Aeropostale's bankruptcy causes issues with shareholder

Los Angeles - After prepping for a Chapter 11 bankruptcy, it seems that Aeropostale is only headed for more turmoil. The filing is potentially opening the teen retailer up to a conflict with one of its major shareholders: Sycamore Partners. The reason that the court filing may cause problems for its shareholders is due to Sycamore Partners’...

BusinessFeatured

American Apparel exits Chapter 11 bankruptcy

Los Angeles - After over a year of financial woes, American Apparel has officially exited Chapter 11 bankruptcy. The fashion-basic apparel brand announced that it has emerged as a private company through its newly structured reorganization plan. The trendy retailer and manufacturer was deemed out of bankruptcy by approval of the Delaware court...