All Corporate articles – Page 16
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News briefs
Ballin Franco declared bankrupt
On Jan. 20, Ballin Franco & C. was declared bankrupt for insolvency by a court in Venice, Italy. The company is not to be confused with the luxury shoe maker Ballin, which is located in the same town of Fiesso d’Artico and that was recently taken over by Chanel. The ...
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ArticleClarks descendant says management failed to ‘move into 21st century’
Shoe maker Clarks failed to keep up with retail trends while shareholders prioritized dividends over investment, according to one of the family members. Galahad Clark, a descendant of founders Cyrus and James Clark, said the company failed to “move fast enough into the 21st century”, ultimately leading to a £100 ...
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News briefsL.K. Bennett debt restructuring plan cleared
The company voluntary agreement (CVA) of the upmarket British retailer L.K. Bennett was approved by creditors. It will result in five stores closing down and the remaining shops switching to turnover-based rents. The chain has 18 standalone stores. Among the creditors who voted against the CVA was the property company ...
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News briefs
Schuh obtains £19 million refinancing
Schuh, the British footwear retailer owned by the U.S. firm Genesco, has obtained a £19 million (€20.9m-$25.5m) financing facility with Lloyds Bank. The funding is part of the U.K. Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). Schuh already had a credit facility with Lloyds and the refinancing will boost ...
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News briefsBoohoo appoints PKF Littlejohn as auditor after PwC resignation
Boohoo has appointed PKF Littlejohn as its auditor after the resignation of PwC in October in the wake of a scandal over working conditions at some suppliers to the fast-fashion e-tailer. The company came under scrutiny earlier this year after allegations that workers making Boohoo clothes were paid below the ...
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ArticleKering investigated by French financial prosecutor
Kering said that the French financial public prosecutor (Parquet National Financier) has opened a preliminary inquiry concerning the company in February 2019. The French luxury goods group added that it had not previously been informed of the inquiry. The comments come following media reports about the prosecutor investigating the company ...
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ArticleObuv Rossii undergoes rebranding as it moves away from shoes
The Russian footwear retailer Obuv Rossii is changing names to mark its diversification away from shoes. The company is removing the word Obuv (meaning shoes in Russian) from its name to become simply OR for the main operating unit and OR Group for the parent company. Even the stock ticker ...
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News briefsShoepassion launches Henry Stevens brand
The Berlin-based footwear company Shoepassion has decided to market its men and women’s collections under the Henry Stevens brand from spring 2021. The company, which was founded in 2010 and already owns the brands N91 and Heinrich Dinkelacker, will retain the name Shoepassion. The company will take the opportunity of ...
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ArticlePeter Kaiser enters insolvency proceedings
Peter Kaiser Schuhfabrik, the German manufacturer of women’s shoes, has gone into insolvency. The proceedings were opened on Dec. 1, after the company filed an application with the Pirmasens district court on Sept. 14. Self-administration was ordered and talks with several potential investors are currently being held. Legal counsel Günter ...
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ArticleLloyd Shoe Company goes into administration after Arcadia’s collapse
On Dec. 3, London-based footwear company Lloyd Shoe Company appointed FRP Advisory as its administrator after the collapse of the British fashion retailer Arcadia. The company has concessions in several stores managed by the Arcadia group, which appointed the firm Deloitte as its administrator on Nov. 30. Lloyd is working ...
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News briefsHeelys’ parent undergoes strategic review
Sequential Brands, a U.S. group that has a portfolio of consumer brands including Heelys, Avia and DVS, said that its board has relaunched a “broad exploration of strategic alternatives.” The alternatives may include the sale of the company or the disposal of one or more brands. The company’s portfolio also ...
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News briefs
LVMH head sees company exiting the Covid-19 crisis stronger
The French luxury goods group LVMH is coming out of the Covid-19 crisis “rather stronger” thanks to its worldwide presence, according to its chairman and chief executive Bernard Arnault. “We have for a long time had the strategy of covering most of the planet with our sites, stores, subsidiaries,” he ...
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ArticleDebenhams collapses as JD Sports terminates rescue talks
The British department store chain Debenhams is winding down operations and closing all 124 shops with 12,000 potential job losses after JD Sports Fashion ended talks about a rescue deal. Administrators have been trying to sell the troubled 232-year-old group since April, but have admitted that the sale process has ...
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News briefsTwo former Balmain executives launch La Ligne Numérotée
Françoise Misiraca and Charlotte Sauvat, two former executives of the French fashion house Balmain, have launched the upscale women’s footwear brand, La Ligne Numérotée. Misiraca spent 18 years at Balmain, where she held various roles, including head of its men’s department. Sauvat has been a shoe and accessories designer for ...
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ArticleClarks’ CVA gets green light amid landlord fury over rent write-offs
Creditors of the British shoemaker and retailer Clarks have approved a deal that will see control of the company pass to a private equity firm amid criticism from landlords over the scale of rent write-offs. Under the proposal, known as a company voluntary arrangement (CVA), rent arrears on 320 outlets ...
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ArticleVon Wellx steps up production in India
Von Wellx, the German orthopedic shoe brand owned by Casa Everz, has inaugurated a new production site in Agra, in the Uttar Pradesh state in northern India, as it ceases the production of footwear in China. The new factory in the Export Promotion Industrial Park (EPIP) in Agra features two ...
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News briefs
Josef Seibel inaugurates Kenyan factory
Josef Seibel Group inaugurated its factory in Ukunda, Kenya, on Nov. 9. The ceremony was attended by the owner of the group, Carl-August Seibel, and the chief executive Stefan Wentzel. The factory will produce leather school shoes destined to the Kenyan market under the Romika brand. The brand was sold ...
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ArticleL.K. Bennett plans to close stores, axe jobs
Upmarket British retailer L.K. Bennett plans to close up to five stores and move its remaining shops to turnover-based rents under a proposed company voluntary arrangement (CVA). The plan will lead to a small number of job losses as the company tries to mitigate the financial impact of the Covid-19 ...
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News briefsRumbo to close down
The Spanish footwear retailer Rumbo will close down after having failed to reach an agreement with its creditors to relaunch its business. The Murcia-based company has 68 stores and posted sales of about €25 million in 2019. Rumbo went into administration in June, but the court-appointed administrator, the legal firm ...
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News briefsHavaianas creates international division
The Brazilian footwear group Alpargatas has created an international division for its flip-flop brand Havaianas. The division is based in Spain and run by Frédéric Lévy, a seasoned senior manager. Lévy was previously chief executive and president of Coravin, an America startup manufacturing products for the wine industry and currently ...
