Bankruptcy news and archive

Expert analysis: the limits of Jott's accelerated expansion under LBO

With the fate of Marseille, France-based casualwear brand Jott (Just Over The Top) hanging on a court decision expected in early February, its fragility is striking following a capital injection of nearly 99 million euros (116 million dollars). Vincent Redrado, an industry expert and founder of French consumer consultancy firm Digital Native...

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Saks Global secures 500 million dollars in funding to support restructuring

Luxury retail group Saks Global has unlocked 500 million dollars of funding to support operations and transformation plans under its ongoing bankruptcy process. The financing is an initial tranche of a 1.75 million dollar committed capital the company secured when it filed for Chapter 11 protection with a Texas court last week. Saks said the...

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Saks Global: Court approves 400 million dollar financing, despite Amazon objection

Saks Global has received preliminary approval for 400 million dollars in new funding from a US bankruptcy judge. The capital is part of a 1.75 billion dollar financing commitment secured by the group in association with its Chapter 11 proceedings, initiated with a Texas bankruptcy court. Judge Alfredo Perez approved of the funding despite...

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Saks files for bankruptcy protection, Geoffroy van Raemdonck appointed CEO

Saks Global has officially succumbed to bankruptcy. The US luxury retail group has commenced voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company, which owns Saks Fifth Avenue, Saks Off 5th, Bergdorf Goodman and Neiman Marcus, has said its stores will remain open for now. The filing intends...

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Ssense co-founders win bid for control over retailer

The co-founders of Canadian luxury platform Ssense have won their bid to retain control over the company. It has been confirmed that the parties have now entered into a definitive purchase agreement. In a press release, Ssense said it had been "notified by the court-appointed monitor that the bid submitted by its co-founders, Rami, Atallah, and...

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Analysis: French ready-to-wear, between collapse and hope

Paris - Under pressure from fast fashion and second-hand fashion, the ready-to-wear sector is faltering: 2025 has been marked by a series of bankruptcies, receiverships and liquidations. However, experts believe a rebound is possible, driven by a renewed focus on brand DNA, innovation and moving upmarket. At the end of this year, the brand IKKS...

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Textile innovator Piñatex heading for liquidation

Madrid – The outlook is bleak for the disruptive and renowned textile innovation company Ananas Anam, founded in 2013 by Spanish national Carmen Hijosa. The company owns a range of sustainable solutions for the textile industry, including the vegan pineapple leather marketed under the Piñatex brand. It is currently in pre-insolvency proceedings...

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Ssense founders keep control as company secures 40 million in interim financing

The Canadian e-commerce platform Ssense remains, for the time being, under the control of its founders. CEO Rami Atallah and his brothers Firas and Bassel Atallah won the first round of their legal battle with their creditors, allowing them to maintain control of the company’s operations and advance its restructuring under their leadership....

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Ssense seeks bankruptcy protection to block creditor-led sale

Canadian e-commerce platform Ssense has filed for bankruptcy protection. The company is said to be submitting an application under Canada’s Companies’ Creditors Arrangement Act (CCAA), SSense confirmed in a statement to FashionUnited on Friday. The CCAA is a federal law comparable to bankruptcy protection that allows corporations to restructure...

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Claire's to sell North American operations amid bankruptcy proceedings

Claire's Holdings LLC, the operator of Claire's and ICING stores in the U.S. and Gibraltar, has entered into an agreement with an affiliate of Ames Watson, a private holding company, for the acquisition of its North American business operations. This move follows the company's decision to begin Chapter 11 bankruptcy proceedings in the U.S., as...

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Dubai-based Sumwon Studios acquires Balr.

The Dutch lifestyle brand Balr. has been acquired by Dubai-based Sumwon Studios. The financial details of the acquisition were not disclosed in the press release issued by the company. This move marks a new chapter for the football-inspired brand known for its black and white collection. It was founded in 2013 by professional footballers Demy de...

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From bounce-back to bankruptcy: Inside Claire’s renewed financial struggles

After weeks of speculation, Claire’s has finally filed for bankruptcy protection in the US. For the teen accessories retailer, this marks the second descent into bankruptcy in seven years, with this latest filing heightening fears over what is to come for its international network of stores. How did Claire’s come to such a predicament? Let’s...