German fashion brand only has enough cash to run until August, admits chairman
Accountancy Age, 14 Jul 2009
German ladieswear fashion brand Escada is in talks with insolvency practitioners and could cease trading, according to its chairman Bruno Saelzer.
He confirmed that the group posesses only enough cash to continue operating until August, Drapers reports.
Escada is attempting to restructure its debt. Eighty per cent of creditors must approve a restructuring plan by 31 July.
Parts of Escada have already been divested. Its mid-market subsidiary Primera, owner of brands including Laurel, Cavita and Apriori, was sold in May.
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