All Corporate articles
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Nike cuts 1,400 jobs
Nike is cutting approximately 1,400 positions in its Global Operations division — the majority in technology — as the US sportswear company pushes deeper into a restructuring effort that has repeatedly taken longer and cost more than originally planned. The announcement is the company’s second round of job cuts ...
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ArticleSemler completes its restructuring
The German shoe manufacturer Carl Semler GmbH has completed its self-administered restructuring, with creditors unanimously approving the insolvency plan. Under the supervision of a restructuring expert, Lukas Eisenhuth, and a court-appointed administrator, Dennis Blank, the 162-year-old company continued operations throughout the insolvency proceedings. Semler filed for bankruptcy at the Pirmasens ...
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ArticleInsolvency proceedings underway for Sutor Group companies
Insolvency proceedings have been opened for four companies of the Sutor group – Sutor Schuh GmbH, FJ Trading GmbH, Happy Lagerverkauf GmbH and Sutor GmbH & Co. KG – after the German shoe retailer slipped into bankruptcy amid long-standing financial difficulties. The proceedings will take place under self‑administration, with the ...
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Nice Footwear to build a new manufacturing site near Padua
Nice Footwear plans to build for its subsidary Corrado Maretto a more than 6,000 square meter manufacturing site in Vigonza, near the northeastern Italian town of Padua. The site will be completed in about a year and double Corrado Maretto’s production capacity, Bruno Conterno, the Chief Executive Officer of Nice ...
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ArticleAmerican Exchange Group to buy Allbirds for $39m
American Exchange Group entered into an agreement to buy all of Allbirds’ intellectual property as well as certain other assets and liabilities for $39 million. The price tag is a far cry of the more than $4.0 billion market capitalization the California-based producer of Wool Runner merino shoes, and other ...
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Künzli moves its headquarters
After more than 90 years in Windisch, the Swiss footwear manufacturer Künzli relocated its headquarters to nearby Brugg, also in the canton of Aargau. The new premises, located near Brugg’s train station, span approximately 600 square meters and bring several business units together under one roof. The company’s new headquarters ...
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Saks Global to close 15 additional stores
Saks Global Enterprises, the troubled US multi-brand luxury retailer, said that it is closing an additional 12 Saks Fifth Avenue and three Neiman Marcus locations. On Feb. 10, the retailer had announced the closure of eight Saks Fifth Avenue and one Neiman Marcus locations in the first phase of its ...
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MySize’s stock has to regain compliance on Nasdaq
MySize, an Israel-based producer of AI-driven sizing solutions, footwear fit-tech and retail innovation, received on March 2 a notice from the Nasdaq stock market stating that the closing bid price of the company’s common shares has been below $1.00 for 30 consecutive trading days. MySize has been provided 180 calendar ...
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ArticleOtto to axe nearly 460 jobs to reduce costs
Otto Group will cut nearly 460 additional full‑time jobs, largely at its Hamburg headquarters, as part of a sweeping restructuring program aimed at lowering costs and responding to weakening consumer demand and growing international competition. The German online retailer, which employs around 4,300 people in Hamburg, said it is ...
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ArticleRoots explores a possible sale
Roots has initiated a strategic review that includes the possibility of being sold. The Canadian lifestyle brand has hired J.P. Morgan Securities Canada Inc. as its financial advisor and Torys LLP as its legal advisor for the review. The company said that it has decided to publicly announce the ...
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ArticleAeffe receives expressions of interest from investors, plans to pick a buyer by end May
Aeffe, the troubled Italian fashion group that owns the luxury footwear brand Pollini, has received several non-binding expressions of interest from Italian and foreign investors with experience in the fashion industry. Aeffe also owns the high-profile brands Alberta Ferretti and Moschino. The information was released by Mimit, the Italian ministry ...
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ArticleTheo Wormland to cease operations
Wormland, the German men’s fashion retailer, founded in Hannover in 1935, is shutting down after efforts to find new investors failed following its second insolvency. With no viable offers submitted, the provisional creditors’ committee has decided to close the nearly 90-year-old company and insolvency proceedings were formally opened by the ...
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Northern Irish retailer Houstons Footwear closes down
After 50 years of activity, Houstons Footwear, an independent retailer located on Strand Road in the North Irish town of Londonderry, also referred to as Derry, is closing down. In a post on Facebook dated Jan. 29, the retailer wrote: “To all our customers,After much thought, we want to let ...
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Diadora to cut 27 jobs
Diadora has reached an agreement with Italian trade unions to reduce its workforce by 27 employees from a total staff of 199 at its Caerano di San Marco headquarters in Treviso, citing the need for strategic repositioning in changed international markets. The deal, signed Feb. 5 with Femca Cisl ...
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ArticlePölking files for insolvency again
The German shoe wholesaler Pölking has slipped back into financial distress, hit by a combination of rising costs, weakening consumer demand and delayed customer payments. The company once again filed for insolvency with the Osnabrück District Court less than three years after its first bankruptcy and just 20 months after ...
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The owner of the Inside fashion retailer files for bankruptcy protection
Liwe Española, the Spanish group that owns the Inside clothing stores, has filed for bankruptcy protection with a Murcia-based commercial court. The move comes after the same court rejected on Jan.9 a restructuring plan that Liwe had drafted with its advisors. On Jan. 19, Liwe said that filing for ...
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ArticleWortmann starts building a new €20m warehouse
With a ground-breaking ceremony held on Jan. 15, Wortmann Group officially started the construction of its new smart warehouse at its headquarters and logistics facility in Detmold, Germany. The facility represents an investment of about €20 million, one of the largest single investments in Wortmann’s history, and sends “a clear ...
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Genesco to transform its IT operations
Genesco announced a “strategic transformation” of its information technology operations, which could lead to job cuts. The US footwear group said that it is “advancing to a new business model designed to improve speed and scalability, accelerate AI-enabled innovation and automation, and more closely align technology capabilities with the company’s ...
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ArticleSaks Global files for bankruptcy
Saks Global, the US high-end department store group, has filed for bankruptcy and has announced the appointment of a new CEO and a financing commitment of about $1.75 billion to help fund a turnaround. Geoffroy van Raemdonck, the former CEO of Neiman Marcus Group, had been named as the ...
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ArticleWormland files for insolvency again
Just over a year after emerging from bankruptcy, the German men’s fashion retailer Wormland has once again filed for insolvency with the Osnabrück District Court. Despite the filing, business operations will continue while the company seeks new investors, said the provisional insolvency administrator, Stephan Michels. All nine stores – ...
