All Corporate articles – Page 9
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The German shoe maker EOD files for bankruptcy
The German footwear manufacturer EOD, known for the Groundies shoe brand, has filed for bankruptcy. The company applied for insolvency proceedings with the Freiburg District Court as it seeks to continue restructuring to get back on a stronger footing. EOD was already undergoing restructuring after liquidity came under pressure ...
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KG Schuhkay enters protective shield proceedings
Despite better-than-expected results, the Hamburg-based footwear retailer KG Schuhkay has launched a restructuring process under a protective shield procedure, as the business outlook was clouded by the fallout from the war in Ukraine, soaring inflation and a general change in consumer behavior since the autumn/winter 2022 season. The procedure, ...
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Prada produces half of its shoes inhouse
Prada produces about half its footwear in-house. This compares with around 10 percent for clothing and about 30 percent in the case of leather goods. As part of its plans to increase its control over the supply chain, the Italian fashion plans to invest €60 million this year to boost ...
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Allbirds expands and extends its credit line
Allbirds reported in a regulatory filing that it has entered into an amendment credit agreement with its lender, JPMorgan Chase, that increases the committed amount from $40 million to $50 million. In addition, the amended terms include an increase in the uncommitted additional borrowing capacity from $35 million to $50 ...
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ArticleReno’s Austrian subsidiary files for bankruptcy
After the shoe retailer Reno filed for bankruptcy in Germany at the end of March, the company’s Austrian subsidiary has followed suit. HR Group GesmbH, Reno’s Austrian branch, has applied for bankruptcy proceedings at the regional court in Wiener Neustadt. Based in Leobersdorf, the company operates 29 Reno stores ...
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ArticlePölking files for bankruptcy
The German shoe wholesaler Pölking filed for bankruptcy after a several years of lagging sales as theCovid-19 pandemic took its toll, gradually eroding liquidity. At the request of the company, the district court of Osnabrück opened insolvency proceedings under self-administration, amid a tidal wave of bankruptcies that continues ...
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ArticleYue Yuen to invest $276m in Indian plant
Yue Yuen has entered into a memorandum of understanding with the government of the Indian state of Tamil Nadu to invest 23 billion rupees ($276 million) to build a manufacturing plant. Under the agreement, the regional government will provide infrastructure support to the project including power, water supply, telecommunication facilities ...
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Bobux seeks a buyer as it goes into receivership
Bobux International, a New Zealand-based brand of children’s shoes, was placed into receivership after suffering from Covid-19 related supply chain issues and overstocking as well as the overhaul of its IT system that went over budget. The company was founded in 1991 by Colleen and Chris Bennett. In 2022, it ...
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ArticlePittards’ overdraft facility increased by £340,000
Pittards’ overdraft facility was increased by £340,000 by Lloyds after the British leather and leather goods company completed a cash call. The bank also extended Pittards’ other borrowing facilities until June 30, 2023. Negotiations with Lloyds regarding new facilities or the restructuring of existing facilities remain ongoing, Pittards said. ...
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ArticleBirkenstock’s factory in Pasewalk nears completion; new CFO appointed
Birkenstock’s new shoe factory in Pasewalk, Germany, is nearing completion, with production at the site set to start the third quarter of 2023. Seven months after laying the foundation stone for its €120-million plant last August, the footwear giant has held a topping-out ceremony with 250 guests. The construction ...
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Shoe City sells 39 stores after failed acquisition by Arklyz
After 70 years in business, Shoe City filed for Chapter 11 reorganization on March 31, and the bankruptcy court authorized going-out-of-business (GOB) sales. The news comes after the failed acquisition of the Baltimore-based retail chain by the Swiss retail group Arklyz. In the summer of 2022, Arklyz, the owner of ...
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ArticleGörtz’s new owners disclosed
The Munich-based entrepreneurial couple Leonie and Burkhard von Wangenheim are Görtz’s new owners, according to the troubled Hamburg shoe retailer. The Wangenheims acquired a 100 percent stake in the insolvent retailer through the Fürderhin limited liability company as part of the protective shield procedure. Leonie von Wangenheim serves as Fürderhin’s ...
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News briefsAmazon destroyed over 6m counterfeit items in 2022
Amazon claims that it destroyed over 6 million counterfeit goods in 2022 compared with some 3 million in 2021 and about 2 million in 2020. “Our efforts to identify and dismantle counterfeit organizations are working and making a positive impact. In 2022, Amazon’s Counterfeit Crimes Unit sued or referred for ...
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FitFlop obtains new $30m long-term revolving credit facility
London-based Aurelius Finance Company announced that it has provided FitFlop, a footwear company also based in London, with a new $30 million five-year revolving credit facility to support the company’s long-term growth objectives. Aurelius Finance Company, a member of the Aurelius Group, is an independent secured lender providing asset-based financing ...
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Clergerie placed into receivership
On March 29, a Paris-based commercial tribunal placed Maison Clergerie into receivership after failing to reach an arrangement between shareholders and creditors. The French maker of luxury footwear, which is based in Romans-sur-Isère, in the Drôme department, has been loss-making for several years, according to its interim manager, Dominique Bernard, ...
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ArticleDeichmann to invest €500 mln in 2023
Deichmann plans to invest around €500 million this year, half of which is earmarked for Germany. Investments will focus on the modernization and expansion of the store network, as well as in international growth, digitalization and logistics. The German footwear retailer plans to open 200 new stores worldwide. At the ...
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Ralf Ringer to stop selling footwear through third-party stores
Ralf Ringer plans to stop selling shoes through third-party multi-brand stores. The move is part of a new strategy under which the Russian footwear manufacturer and retailer intends to increasingly focus on developing its own stores and franchises. The company claims that multi-brand stores in Russia are massively moving towards ...
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ArticleReno files for bankruptcy
The shoe retailer Reno has filed for bankruptcy amid a deepening crisis in Germany’s shoe sector that has led to a string of insolvencies across the country in recent months. Reno’s parent company Reno Schuhcentrum GmbH and the subsidiary Reno Schuh GmbH applied for insolvency proceedings at the Hameln ...
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Prada to hire 400 people mainly in central Italy
Prada plans more than 400 hires by the end of 2023, mainly in the central Italian regions of Tuscany, Umbria and Marche, as it aims to bolster its production capacity and sustain growth. It noted that the Prada Group Academy will train more than 200 people. “The more than 400 ...
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Kaporal files for receivership
Kaporal, a French ready-to-wear retailer specialized in denim, said that it has asked to be placed into receivership by a Marseille-based court due to “unprecedent economic difficulties.” Kaporal noted that over the past years it was affected by the yellow vest protest movement, the Covid-19 pandemic, various national strikes and ...
