All Corporate articles – Page 22
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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 ...
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ArticleOwner of the Mario Bruni brand fills for creditor protection
Spring, the Italian shoe maker that owns Mario Bruni, a brand of quality dress and formal men’s shoes, has filed for bankruptcy protection in order to reach an agreement with creditors or restructure its activity. Based in the Marche region’s footwear cluster, Spring was created in 1956 under the name ...
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News briefsClarks reportedly plans to close 50 stores
The Hong Kong-based private equity firm LionRock Capital wants Clarks to reach a Company Voluntary Arrangement (CVA) with its creditors before investing into the British footwear group, according to Sky News. A CVA would enable Clarks to close up to 50 stores and renegotiate rents for the rest of the ...
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ArticleMelania files for creditor protection
Melania Italia, an Italian footwear company specializing in children’s shoes based in the footwear cluster in the Marche region, has filed for creditor protection. The company was founded in 1966 by Manfredo Gironacci, who is still at the helm. A court based in the town of Fermo approved the request ...
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ArticleCCC Germany files for insolvency under self-administration after pandemic hits sales
The coronavirus pandemic throws yet another footwear chain into disarray, after extended lockdowns last spring and a sluggish summer sent sales plummeting. German footwear retailer CCC Germany GmbH filed for self-administration proceedings under the German insolvency legislation at the Osnabrück District Court. The company, a subsidiary of HR ...
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News briefs
Dielmann to close 13 stores
Schuhhaus Dielmann, the German footwear chain currently placed into administration after the launch of creditor protection proceedings, will close 13 stores by the end of the year. The shops operate under the names Dielmann, Dstep and Sommerkind. In a statement, the company added that clearance sales will start in the ...
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ArticleAdidas issues maiden sustainability bond
Adidas has announced the successful placement of its first sustainability bond, whose offer was more than five times oversubscribed. The €500 million bond carries a 0.00 percent coupon and has a duration of eight years. It is divided into five equal tranches and will be listed on the Luxembourg Stock ...
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News briefs
Royer plans to cut 200 jobs
The loss of a major distribution contract for New Balance in France, the Benelux countries and Germany and the crisis linked to Covid-19 have led Groupe Royer of France to start discussions with its staff about the dismissal of about 200 of its 500 employees. The loss of the contract, ...
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ArticleVRG reaches deal with creditors, to proceed with capital hike
The board of Venue Retail Group (VRG), a retailer of shoes, bags and accessories that operates in Sweden and Norway, has decided to proceed with a Swedish Krona 94.5 million (€8.9m-$10.4m) rights issue. The Swedish company has received subscription commitments and guarantee commitments totaling approximately SEK 73.5 million (€6.9m-$8.1m). The ...
