All Corporate articles – Page 12
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Asos reportedly received a more than £1bn takeover approach in December
The Sunday Times reported that Asos had last December received a more than £1 billion (€1.5bn) approach from Trendyol, a Turkish company backed by the Chinese online giant Alibaba. A deal would have valued the British retailer at between £10 (£11.6) and £12 (13.9) per share, valuing the company at ...
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Reno’s Swiss subsidiary also files for bankruptcy
Just weeks after Reno and its Austrian subsidiary filed for bankruptcy, the German shoe retailer’s Swiss subsidiary has followed suit at a cantonal court in Zug. The future of the company’s 65 employees and 16 branches is now uncertain. Reno’s Swiss subsidiary was caught up with the same problems ...
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Jihua 3515 inaugurates a footwear research center
Jihua 3515, a footwear manufacturer based in the city of Luohe, in China’s Henan province, inaugurated a footwear research center on May 30. Founded in 1951, Jihua 3515 specializes in safety and work footwear, sports and outdoor shoes as well as formal styles. It has an annual capacity of more ...
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ArticleAsos raises £80m by issuing shares
Asos raised about £80 million (€92.1m) of gross process by selling newly issued ordinary shares, but there is concern that the British online fashion retailer will need further cash to finance its restructuring. The shares were sold at 418.1 pence (€4.81) each. The proceeds will support the company’s Driving Change ...
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Asos may have to focus on cash preservation
Asos may have to focus on preserving its cash this year rather than investing to bolster growth, according to the U.S. bank Citi. It believes that the British online fashion retailer could suspend most of its capital expenditure in automation while continuing to rationalize its inventory position and controling ...
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ArticleUnbound puts itself up for sale as funding crisis continues
Unbound, the owner of Hotter Shoes, is putting itself up for sale as the beleaguered British retailer started another restructuring of its operations amid an ongoing funding crisis. The firm said that it was facing constraints after failing to secure fresh cash in light of weaker-than-expected first-quarter trading. It expects ...
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Pou Chen lays off over 5,700 workers in Vietnam
Taiwan-based Pou Chen Corporation, parent company of Yue Yuen and supplier to major Western sporting goods firms such as Nike, Adidas and Reebok, announced further layoffs of more than 5,700 workers at Pouyuen Vietnam Co. in Ho Chi Minh City between June 24 and July 8, according to media reports. ...
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Sneaker re-selling platform WeTheNew launches a €20m funding round
French-based limited-edition sneaker re-selling platform WeTheNew has announced a €20 million capital funding round. The Series B funding round was led by C4 Ventures, along with Singular, the company’s historical investor and the investment arm of Chalhoub Group, Chalhoub Ventures & Acquisitions. Also supporting the venture is French national team ...
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ArticleHotter Shoes’ parent in trouble as Marwyn drops £10m investment plan
Hotter Shoes’ owner Unbound Group has called in a turnaround specialist after a £10 million (€15m) funding deal collapsed amid a continuing deterioration in trading conditions. Last month, Marwyn Investment Management said it would provide the funding via an equity placing at 10.5 pence (12 euro cents) per share. However, ...
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ArticleWolverine explores options for Sperry
Wolverine Worldwide reported better-than-expected first-quarter results and said it was exploring options for its Sperry footwear and apparel brand as it works to reshape its business amid a deterioration in market trends since the start of the year, macroeconomic concerns and a cold spring selling season that has hit consumer ...
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ArticleAfter Reno, HR Group files for bankruptcy
After the German shoe retailer Reno filed for bankruptcy, its former parent company HR Group, one of the largest shoe retailers in the country, has gone down the same path. The group has applied for insolvency proceedings for nine companies - including Hamm Reno Group GmbH and Mayer Systempartner ...
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ArticleNB Renaissance takes over U-Power
NB Renaissance signed a binding agreement to buy U-Power, an Italian producer of safety footwear. No financial details were released. The investment firm will acquire all the company but Franco Uzzeni, who founded U-Power in 2006, will reinvest part of his proceeds in the footwear company and obtain a 30 ...
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The German shoe maker EOD files for bankruptcy
The German footwear manufacturer EOD, known for the Groundies shoe brand, has filed for bankruptcy. The company applied for insolvency proceedings with the Freiburg District Court as it seeks to continue restructuring to get back on a stronger footing. EOD was already undergoing restructuring after liquidity came under pressure ...
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KG Schuhkay enters protective shield proceedings
Despite better-than-expected results, the Hamburg-based footwear retailer KG Schuhkay has launched a restructuring process under a protective shield procedure, as the business outlook was clouded by the fallout from the war in Ukraine, soaring inflation and a general change in consumer behavior since the autumn/winter 2022 season. The procedure, ...
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Prada produces half of its shoes inhouse
Prada produces about half its footwear in-house. This compares with around 10 percent for clothing and about 30 percent in the case of leather goods. As part of its plans to increase its control over the supply chain, the Italian fashion plans to invest €60 million this year to boost ...
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Allbirds expands and extends its credit line
Allbirds reported in a regulatory filing that it has entered into an amendment credit agreement with its lender, JPMorgan Chase, that increases the committed amount from $40 million to $50 million. In addition, the amended terms include an increase in the uncommitted additional borrowing capacity from $35 million to $50 ...
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ArticleReno’s Austrian subsidiary files for bankruptcy
After the shoe retailer Reno filed for bankruptcy in Germany at the end of March, the company’s Austrian subsidiary has followed suit. HR Group GesmbH, Reno’s Austrian branch, has applied for bankruptcy proceedings at the regional court in Wiener Neustadt. Based in Leobersdorf, the company operates 29 Reno stores ...
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ArticlePölking files for bankruptcy
The German shoe wholesaler Pölking filed for bankruptcy after a several years of lagging sales as theCovid-19 pandemic took its toll, gradually eroding liquidity. At the request of the company, the district court of Osnabrück opened insolvency proceedings under self-administration, amid a tidal wave of bankruptcies that continues ...
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ArticleYue Yuen to invest $276m in Indian plant
Yue Yuen has entered into a memorandum of understanding with the government of the Indian state of Tamil Nadu to invest 23 billion rupees ($276 million) to build a manufacturing plant. Under the agreement, the regional government will provide infrastructure support to the project including power, water supply, telecommunication facilities ...
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Bobux seeks a buyer as it goes into receivership
Bobux International, a New Zealand-based brand of children’s shoes, was placed into receivership after suffering from Covid-19 related supply chain issues and overstocking as well as the overhaul of its IT system that went over budget. The company was founded in 1991 by Colleen and Chris Bennett. In 2022, it ...
