In these tough economic times, the board of Escada reports that they may cease trading.
“Talks have already taken place with insolvency experts,” Bruno Saelzer, chairman of the Escada board told German newspaper Welt am Sonntag.
The German fashion house is threatened with bankruptcy and has enough liquidity to last until August. If a debt restructuring plan is not approved by 80% of its creditors by July 31st, it will be “inevitable” that Escada would cease trading as “98 of the 99 possible measures” to save the company had already been taken.. [AFP]
