Insolvency news and archive

Insolvency wave at gerry weber: Austrian subsidiary declared insolvent

Following insolvencies in Germany, Belgium and the Netherlands, insolvency proceedings have now also been opened for Gerry Weber in Austria. As announced on Friday by the Alpenländische Kreditorenverband (AKV), corresponding proceedings were initiated at the Commercial Court of Vienna regarding the assets of Gerry Weber Vertriebs GmbH. At the...

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Retail

Latest insolvency data masks mounting pressures on UK retail sector

The apparent stability in UK retail insolvencies masks a potential crisis for the sector, as rising labour costs and endemic shoplifting threaten to push more fashion retailers towards restructuring in early 2025, industry experts warn. Data released today shows retail trade insolvencies remained virtually unchanged, with 2,089 businesses...

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Business

Restructuring plan of Signa Holding GmbH deflects into bankruptcy

Signa Holding GmbH, long-time co-owner of the Selfridges Group, is turning its insolvency proceedings into bankruptcy, the company announced in a press release. The restructuring plan is thus withdrawn. What the bankruptcy means for Belgian department store Inno is not yet known. The focus of the restructuring plan was mainly on the value-based...

Retail

Retail sector sees uptick in company insolvencies

RSM UK reports an increase in company insolvencies, particularly in the retail, leisure and hospitality sectors, according to the latest data from the Insolvency Service. Over the 12 months ending in Q3 2023, these consumer-facing industries have witnessed a surge in insolvency rates, with wholesale and retail seeing a significant jump of 52...

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Business

UK companies face insolvency after two years of financial stress

Two years of trading anxiety, financial stress and post-pandemic uncertainty has left many British businesses, including retailers and fashion companies, at a risk of insolvency. Many companies took out loans when their companies were forced to close during Covid-19 restrictions and lockdowns, but are struggling to repay debts. A report by...

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Business

Roberto Cavalli acquired by Vision Investment

Vision Investment Co. LLC, the Dubai-based investment vehicle of millionaire Hussain Sajwani, owner of real estate developer Damac Properties Group, will acquire Italian luxury fashion brand Roberto Cavalli. This ends weeks of speculation that saw several potential buyers, among them German fashion designer Philipp Plein together with private...