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Once Boycotted ESCADA Files Bankruptcy

Hard Hitting Global Campaign Succeeds
Note from WAR: A big shout out to the activists that ran the global ESCADA campaign. They were focused, relentless and determined. The ESCADA campaign included both direct action (both legal and illegal) and lots of peaceful legal protests and letter writing. Again, our thanks go out to all of our readers who took any action on the ESCADA campaign.

Hopefully, Escada will act as an example to Max Mara, another international couture house that sells fur and disregards activists. A global Max Mara week of action is scheduled for September 14 - 20, 2009.

German fashion house Escada files for bankruptcy
Associated Press, 08.13.09

FRANKFURT -- German fashion company Escada AG has filed for bankruptcy after being unable to obtain sufficient financing, a Munich district court said Thursday.

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 has seen its popularity, sales and earnings decline 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.

For example, a plan to raise euro30 million ($42 million) through the company's bigger investors had been contingent on the bond exchange going through, as was a credit extension of more than euro13 million. A successful swap would have also given the company some immediate liquidity to help it eliminate some of its debt.

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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