Bankruptcy news and archive

Belgian branch of Esprit files for bankruptcy

The Belgian branch of fashion brand Esprit, Esprit Belgium Retail N.V. (BEBR), has joined its counterpart in filing for bankruptcy with an insolvency court in Belgium on 8 April, Esprit Holdings Limited announced in a press release. The news comes a few weeks after the fashion brand's Swiss arm collapsed. The bankruptcy will only affect the...

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H&M-backed textile recycler Renewcell files for bankruptcy

Swedish textile-to-textile recycling company Renewcell, behind the Circulose fibre and backed by fashion chain H&M, has filed for bankruptcy. In a statement, the textile innovator said it had filed for bankruptcy at the Stockholm District Court as it "has not been able to secure sufficient financing". At the end of 2023, the company reduced its...

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Several Dutch stores of Clarks fall to bankruptcy

The curtain has come down on several stores of British shoe brand Clarks. The stores in Amsterdam (two), Breda, The Hague, Eindhoven, Haarlem, Leidschendam, Maastricht, Rotterdam and Utrecht were declared bankrupt on January 9, according to the public insolvency register. G.A. De Wit has been appointed receiver. FashionUnited sought contact with...

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JD Sports' Dutch subsidiary reportedly files for bankruptcy

Sports Unlimited Retail, the parent company of sports retailers Sprinter, Aktiesport and Perry Sport and the Dutch subsidiary of JD Sports, is understood to have been declared bankrupt, local media outlet RTL Z has reported. The bankruptcy would affect 54 shops and 1,100 employees. FashionUnited has contacted the firm and is still waiting for a...

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Tomia Beauty, parent of TréStique, files for bankruptcy

Tomia Beauty ,the parent company of colour cosmetics brand TréStique, has filed for bankruptcy in a New Jersey court following the revelation of an ongoing dispute between the founders. Court documents linked to the case suggested that there was friction between Jennifer Kapahi and Jack Bensason, the duo that founded TréStique in 2015. The legal...

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Bed Bath & Beyond falls into bankruptcy, begins to wind down business

Bed Bath & Beyond has filed voluntary petitions for relief under Chapter 11 in a US bankruptcy court as it begins to wind down its business, as outlined in a release. The company did note that its 360 Bed Bath & Beyond stores, its 120 Buybuy Baby stores and its websites will continue to operate and serve customers while the process to close down...

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Revlon set to exit bankruptcy with 2.7 billion dollar debt reduction

Makeup firm Revlon has reached an agreement with a US judge that could see it exit from bankruptcy later this month. The company initially filed for Chapter 11 protection in a US bankruptcy court on June 15, 2022, allowing it to strategically reorganise its legacy capital structure with the goal of improving its long-term outlook. The filing,...

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Scotch & Soda's bankruptcy: what preceded it?

On March 20, Dutch fashion retailer Scotch & Soda reported that it had filed for bankruptcy for its Dutch operations, after which the company was also declared bankrupt. It is a result of "severe cash flow problems" due to the lockdown imposed during the Covid-19 restrictions in The Netherlands and the energy crisis and high inflation that...

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Scotch & Soda files for bankruptcy for Dutch operations amid 'severe cash flow issues'

Fashion retailer Scotch & Soda has filed for bankruptcy for its Dutch operations following “a chain of events that accelerated severe cash flow issues”. The company said in a LinkedIn post that the pandemic combined with high inflation forced it to declare bankruptcy in the Netherlands despite reporting record sales of 342.5 million euros in...

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Beauty giant Revlon swings to Q4 loss

US beauty giant Revlon swung to a loss in the fourth quarter of the year as its revenue fell 4.1 percent. In the quarter ended December 31, the company made a net loss of 178.5 million dollars compared to a profit of 9.9 million dollars in the prior-year period, which it said was primarily due to 172.7 million dollars in charges linked to its...

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Morphe parent company Forma Brands files for bankruptcy, agrees to acquisition

Forma Brands, the parent company of beauty giant Morphe, has announced the initiation of voluntary Chapter 11 proceedings in the US Bankruptcy Court, as well as the decision to accept an acquisition deal. In a release, the firm said its holding company FB Debt Financing Guarantor has entered into a definitive asset purchase agreement with a...

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Bed Bath & Beyond report falling sales following bankruptcy warning

Following an initial warning that the company had been weighing bankruptcy, Bed Bath & Beyond published its financial statement for Q3 2022, with a loss in net sales starkly prominent among the results. The lifestyle retailer said its net sales of 1.259 billion dollars declined 33 percent, citing its lower in-stock position and decrease in...