All Corporate articles – Page 7
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ArticleFootway applies for voluntary company reorganization due to ‘acute’ liquidity situation
Footway Group, a Swedish operator of specialized online stores, has applied for voluntary company reorganization. According to the company, the decision is based on “the very challenging conditions that the sports retail industry in Sweden and Norway has faced in recent months,” which have led to an “acute” liquidity situation. ...
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Pittards in talks with investor ready to invest £1m
Pittards said that it has successfully concluded discussions with an unnamed trade investor, who has agreed to invest up to £1 million (€1.2m) via the subscription of up to 25,000,000 new ordinary shares at the price of 4 pence (4.6 euro cents) each under the current open offer to shareholders, ...
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ArticleHotter Shoes rescued by WoolOvers in £6.7m sale
Hotter Shoes has been rescued from collapse by the natural knitwear brand WoolOvers, in a pre-pack administration deal worth £6.7million (€7.7m). WoolOvers had approached Unbound Group, the parent company of the British footwear retailer, in March with an initial bid valuing the group £6.8 million but the proposal was rejected ...
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ArticleUnbound appoints administators to sell Beaconsfield Footwear
Unbound Group, the owner of British footwear retailer Hotter Shoes, said that it has decided to appoint administrators for its main operating subsidiary, Beaconsfield Footwear Limited, after having failed to find a buyer for the business or to raise fresh cash to restructure it. The appointment of the administrators is ...
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ArticleFootway launches a capital hike as its liquidity is under pressure
Footway announced a SEK100 million (€8.7m) capital increase and a reduction of its inventory as its liquidity “is under pressure” due to tighter credit terms from suppliers in an ”already weak market.” On July 14, Swedish e-commerce company had a market capitalization of SEK 825 million (€72m). During the first ...
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Gerry Weber to close most of its stores in broad reorganization
The troubled German fashion group Gerry Weber plans a sweeping round of store closures in the coming months as it switches its focus back to wholesale retail. The company will shut down 122 of its 171 stores in Germany by the end of September this year as part of ...
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Feine Wiener Schuhmanufaktur files for bankruptcy
The Austrian shoe company Feine Wiener Schuhmanufaktur has filed for bankruptcy. Insolvency proceedings without self-administration were opened by a commercial court in Vienna, which appointed the lawyer Günther Hödl as provisional insolvency administrator. Under Austrian law, in the case of insolvency proceedings without self-administration, the court-appointed administrator takes ...
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Insolvent shoe retailer P.S. Shoes closes 8 stores out of 12
The German footwear retailer P.S. Schuhe is shutting down most of its stores after restructuring under self-administration failed to put the company back on track. P.S. Schuhe, which belongs to the Osnabrück-based company Lemax Shoe-Fashion, operated twelve stores, including an outlet in Osnabrück, before recently filing for bankruptcy. ...
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ArticleHotter Shoes’ parent considers bankruptcy as funding crisis deepens
Unbound Group, the owner of British footwear retailer Hotter Shoes, has admitted it is considering going into administration, the U.K.’s form of bankruptcy, unless it can resolve its funding crisis. The company was forced to issue a statement to the London Stock Exchange after media reports suggested it was scrambling ...
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Wolverine eases its financial covenants
Wolverine World Wide eased its covenants by entering into a fourth amendment of its existing credit agreement set up on July 31, 2012. The amendment provides the U.S. company with near-term financial and operational flexibility by adjusting the maximum consolidated leverage ratio under the credit agreement from 4.5x EBITDA to ...
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ArticleThe family office MKCP takes over Bama
Bama, the German supplier of shoe care products and insoles that is part of the Serafin group, has found a new investor. MKCP, a Hamburg-based family office, has taken over the firm and its assets as part of an insolvency procedure, Bama announced. The company applied for self-administration ...
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Deerberg files for bankruptcy
The women’s fashion company Deerberg, which operates in Germany, Austria and Switzerland, has filed for bankruptcy. The clothing, footwear and textiles direct-to-consumer brand applied for the opening of insolvency proceedings at the district court of Uelzen, in the northeastern Lower Saxony region of Germany as soaring inflation and the ...
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Kennel & Schmenger invests in Pirmasens site
The German shoe manufacturer Kennel & Schmenger is stepping up investments in its manufacturing site and headquarters in Pirmasens, in the Rhineland-Palatinate region, with modern technology, new machinery and updated organizational systems. The entire assembly factory of the company, which manufactures premium women’s shoes, was redesigned between late May ...
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La Sportiva buys its supplier Meet Italia
La Sportiva, an Italian provider of technical footwear and apparel for outdoor enthusiasts, bought an 80 percent stake in Meet Italia, an Italian manufacturing of mountain footwear. For over 20 years, Meet Italia, which employs 150 people, has been producing footwear and providing semi-finished goods to La Sportiva. In an ...
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ArticleTitan Industries buys Clergerie
On June 29, a Paris-based commercial court approved the takeover of Maison Clergerie by the California-based footwear company Titan Industries. The French maker of luxury footwear was placed into receivership on March 29 after failing to reach an arrangement between shareholders and creditors. Titan Industries is acquiring Clergerie for €700,000 ...
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Authentic Brands Group raises $500m from General Atlantic
Authentic Brands Group (ABG) has announced a $500 million primary follow-on investment from global growth equity firm General Atlantic, its current investor. The continued partnership with General Atlantic is meant to support ABG’s worldwide expansion. General Atlantic first partnered with ABG in October 2017. The latest investment brings General Alantic’s ...
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ArticleCoats launches a new footwear division
Coats, the U.K.-based manufacturer of industrial yarns and structural components for apparel and footwear, has launched a new footwear division following its acquisition of Texon and Rhenoflex in 2022. Following a period of integration, Coats Footwear was launched, offering an expanded range of components and material solutions to footwear and ...
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ArticleC-Suite interview: Autry’s owner looks to cash in on success as it puts the brand up for sale
The owner of the fast-growing sneakers brand Autry is looking to cash in on its success with a sale to a new investor. The private equity Made in Italy Fund, managed by the Italian asset management company Quadrivio and the fashion consultancy Pambianco, acquired a controlling stake in Autry along ...
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ArticleUnbound can’t find a buyer, mulls a capital increase
Shares in Hotter Shoes’ owner Unbound Group plunged after the company said it had taken itself off the market after receiving no buyout offers and was now looking at an equity raising to support a restructuring plan. The shares were down by over 18 percent on the day. “No potential ...
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Hunter insolvent, new Wellies expected from ABG
Scottish company Hunter Boots, known for its original Wellington boot, went into administration in the UK on June 5 and changed its name to HBL Realisations Limited on June 14. U.S.-based Authentic Brands Group (ABG) announced on June 2 that it had acquired Hunter’s intellectual property. Documents filed by ...
