All Corporate articles – Page 13
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ArticlePittards’ overdraft facility increased by £340,000
Pittards’ overdraft facility was increased by £340,000 by Lloyds after the British leather and leather goods company completed a cash call. The bank also extended Pittards’ other borrowing facilities until June 30, 2023. Negotiations with Lloyds regarding new facilities or the restructuring of existing facilities remain ongoing, Pittards said. ...
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ArticleBirkenstock’s factory in Pasewalk nears completion; new CFO appointed
Birkenstock’s new shoe factory in Pasewalk, Germany, is nearing completion, with production at the site set to start the third quarter of 2023. Seven months after laying the foundation stone for its €120-million plant last August, the footwear giant has held a topping-out ceremony with 250 guests. The construction ...
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News briefs
Shoe City sells 39 stores after failed acquisition by Arklyz
After 70 years in business, Shoe City filed for Chapter 11 reorganization on March 31, and the bankruptcy court authorized going-out-of-business (GOB) sales. The news comes after the failed acquisition of the Baltimore-based retail chain by the Swiss retail group Arklyz. In the summer of 2022, Arklyz, the owner of ...
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ArticleGörtz’s new owners disclosed
The Munich-based entrepreneurial couple Leonie and Burkhard von Wangenheim are Görtz’s new owners, according to the troubled Hamburg shoe retailer. The Wangenheims acquired a 100 percent stake in the insolvent retailer through the Fürderhin limited liability company as part of the protective shield procedure. Leonie von Wangenheim serves as Fürderhin’s ...
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News briefsAmazon destroyed over 6m counterfeit items in 2022
Amazon claims that it destroyed over 6 million counterfeit goods in 2022 compared with some 3 million in 2021 and about 2 million in 2020. “Our efforts to identify and dismantle counterfeit organizations are working and making a positive impact. In 2022, Amazon’s Counterfeit Crimes Unit sued or referred for ...
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News briefs
FitFlop obtains new $30m long-term revolving credit facility
London-based Aurelius Finance Company announced that it has provided FitFlop, a footwear company also based in London, with a new $30 million five-year revolving credit facility to support the company’s long-term growth objectives. Aurelius Finance Company, a member of the Aurelius Group, is an independent secured lender providing asset-based financing ...
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ArticleDeichmann to invest €500 mln in 2023
Deichmann plans to invest around €500 million this year, half of which is earmarked for Germany. Investments will focus on the modernization and expansion of the store network, as well as in international growth, digitalization and logistics. The German footwear retailer plans to open 200 new stores worldwide. At the ...
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News briefs
Clergerie placed into receivership
On March 29, a Paris-based commercial tribunal placed Maison Clergerie into receivership after failing to reach an arrangement between shareholders and creditors. The French maker of luxury footwear, which is based in Romans-sur-Isère, in the Drôme department, has been loss-making for several years, according to its interim manager, Dominique Bernard, ...
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News briefs
Ralf Ringer to stop selling footwear through third-party stores
Ralf Ringer plans to stop selling shoes through third-party multi-brand stores. The move is part of a new strategy under which the Russian footwear manufacturer and retailer intends to increasingly focus on developing its own stores and franchises. The company claims that multi-brand stores in Russia are massively moving towards ...
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News briefs
Prada to hire 400 people mainly in central Italy
Prada plans more than 400 hires by the end of 2023, mainly in the central Italian regions of Tuscany, Umbria and Marche, as it aims to bolster its production capacity and sustain growth. It noted that the Prada Group Academy will train more than 200 people. “The more than 400 ...
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ArticleReno files for bankruptcy
The shoe retailer Reno has filed for bankruptcy amid a deepening crisis in Germany’s shoe sector that has led to a string of insolvencies across the country in recent months. Reno’s parent company Reno Schuhcentrum GmbH and the subsidiary Reno Schuh GmbH applied for insolvency proceedings at the Hameln ...
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News briefs
Kaporal files for receivership
Kaporal, a French ready-to-wear retailer specialized in denim, said that it has asked to be placed into receivership by a Marseille-based court due to “unprecedent economic difficulties.” Kaporal noted that over the past years it was affected by the yellow vest protest movement, the Covid-19 pandemic, various national strikes and ...
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Alibaba to split into 6 units
Alibaba will split into six business units that will have the right to raise funds independently and be listed. The restructuring aims to make the group “more agile, shorten decision making links and respond faster,” wrote the chairman and chief executive, Daniel Zhang, in a letter to staff. The six ...
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News briefs
Second expansion of ANWR Ordercenter O1 starts
The ANWR Group is expanding its Ordercenter O1 in Mainhausen with a second extension building, thus manifesting its claim to expand the campus from a regional order location to a European marketplace. With the commissioning of the new site (planned to open in April 2024), more than 90 manufacturers will ...
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ArticleStella expects a decline in sales volumes in 2023
Stella International anticipates sales volumes to decline in 2023, especially in the first half of the year, driven by a decrease in orders for sports shoes. The drop is expected to be partially offset by additional customers in the luxury and the fashion categories. The Hong-Kong based footwear manufacturer and ...
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ArticleShoepassion files for bankruptcy after pandemic hit
Berlin-based footwear company Shoepassion filed for bankruptcy as sales lagged and liabilities arising from the pandemic took their toll. On March 6, the omnichannel company filed an application for the opening of insolvency proceedings under self-administration with the district court of Berlin-Charlottenburg, becoming the latest footwear company to be ...
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News briefs
Amazon cuts an extra 9,000 jobs
Amazon plans a new round of job cuts involving about 9,000 employees, the chief executive, Andy Jassy, informed staff in memo, according to the news agency AP. According to the report the redundancies will mostly impact staff of the cloud services, advertising and Twitch units. In January, the U.S. ...
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News briefs
ANWR Group strengthens liquidity of affiliated retailers
As the now-restored ability to deliver and, at the same time, unusually early deliveries by manufacturers are currently leading to high inventories at many retail companies and thus to a short-term and seasonal strain on liquidity, German ANWR Group is strengthening its affiliated retailers via the Group’s own DZB Bank ...
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Alvin Sukali to leave Myanmar for Cambodia
The Chinese footwear firm Alvin Sukali will relocate from Myanmar to Cambodia in June creating over 1,000 jobs, the Khmer Times reported citing Cambodia’s ministry of labour and vocational training. The factory, which will be located in Samraong Tong in Kampong Speu province, is expected to produce over 70,000 pairs ...
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News briefs
Shoe Zone cancels 500,000 shares
Shoe Zone announced the cancellation of 500,000 ordinary shares currently held in treasury. Following the cancellation, the issued share capital of the British footwear retailer now stands at 48,500,000 and Shoe Zone now holds 25,283 shares in treasury. The total voting rights remain unchanged at 48,474,717.
