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.
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
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.
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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