All Corporate articles – Page 8
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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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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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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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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.
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Trussardi seeks court protection
The Italian fashion brand Trussardi has asked a Milan-based court to appoint an administrator to manage its debt of €51.1 million. In order to enact the so-called crisis settlement procedure the company’s entire board has resigned. According to the daily Il Sole 24 Ore, the procedure, which is similar to ...
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ArticleRussia’s retailer Paolo Conte goes bankrupt
A Russian court has declared St. Petersburg-based footwear retailer Paolo Conte bankrupt, sparking concern over the future of small-scale players in the country. Paolo Conte operated 81 stores and was ranked sixth in the list of the largest mid-priced footwear retailers in Russia. The company started facing financial difficulties in ...
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ArticleNordstrom exits Canada
Nordstrom is exiting Canada, a market it entered in 2014 with “a plan to build and sustain a long-term business there,” announced Erik Nordstrom, the chief executive officer of the U.S. retailer. The Canadian business operates six Nordstrom stores and seven Nordstrom Rack units, as well as the Nordstrom.ca website, ...
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Gap France goes into receivership
Wilsam, the company that manages 20 franchised Gap stores in France, has been placed under controlled administration, or receivership, according to a Grenoble-based commercial court. The decision was made following a request made by the company’s manager Patrick Puy as well as by the prosecutor’s office, said the deputy prosecutor, ...
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VF issues €1bn in unsecured senior notes
VF Corporation is issuing unsecured senior notes, whose proceeds will be used to finance general corporate purposes, including the repayment of borrowings under its commercial paper program. The U.S. company has priced €500 million of unsecured senior notes due 2026 at 99.704 percent of the principal amount with a coupon ...
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Loro Piana opens a new footwear factory
Loro Piana, the Italian fashion brand bought by the French luxury goods group LVMH in 2013, has inaugurated a new footwear factory in Porto San Giorgio, in the central Italian region of the Marche. Production will focus on the brand’s White Sole shoes.
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ArticleZalando to axe several hundred jobs
Zalando plans to cut several hundred jobs due to a more “challenging” business environment. The Berlin-based online fashion retailer employs 17,000 people. “We have decided to start a program that will remove several hundred overhead roles across many of our teams,” the company said in a message to staff. “Over ...
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ArticleSan Marina goes into liquidation
The French footwear retailer San Marina has been put into compulsory liquidation by a Marseille-based commercial court, leading to some 650 job losses in 163 stores. On Feb. 20, the court stated that no serious relaunch project had been put forward and that it had ordered the company to immediately ...
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ArticlePouyuen Vietnam to axe 6,000 jobs
Pouyuen Vietnam, one of Vietnam’s largest shoemakers, will cut 6,000 jobs due to a decline in orders, the news agency AFP reported citing a document of the labor department of Ho Chi Minh City’s local government. Pouyuen Vietnam, which is owned by the Taiwanese group Pou Chen, produces for Nike ...
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Coats refinances debt from the Texon acquisition
Coats, the British industrial thread and footwear components manufacturer, said that it successfully completed a competitively priced $250 million issue of U.S. private placement (USPP) notes. The issuance, on investment grade terms and heavily oversubscribed, refinances the $240 million facility which funded the acquisition of Texon in July 2022, Coats ...
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Pinko launches the joint venture Pinko Shoes with Eli Group
Cris Conf, the parent company of the Italian fashion brand Pinko, has created the joint venture Pinko Shoes with the objective of achieving €40 million in annual revenues within six years. Cris Conf has a 51 percent stake in the joint venture, while the remaining 49 percent is owned by ...
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ArticleGörtz closes more stores amid heightened uncertainty
Görtz is closing more stores across Germany in a sweeping reorganization effort, after suffering a hefty sales drop during the Covid-19 pandemic. The ailing Hamburg-based footwear retailer declined to comment on the total number of stores to be closed or the number of employees affected, but according to the ...
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Snipes invests in a new logistic center
The sports and lifestyle retailer Snipes is building a new service and logistics center in Bedburg, Germany, in order to be positioned for the planned expansion of the company. The construction is the largest logistics investment ever made by the sneaker and streetwear retailer. According to the company, Snipes is ...
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News briefsBoohoo revamps executive incentive plan after share price drop
Boohoo has launched a new performance plan for senior managers after deciding previous targets were too hard to reach given the collapse in the company’s share price. The British online fashion retailer said its existing incentives had “little or no value” as shares had to reach at least £5 (€5.62) ...
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ArticleACBC more than doubles 2022 sales, enters partnership with Diadora
ACBC has yet to finalize its financial results for 2022, but the fast growing Italian B Corporation sneaker startup estimates that revenues grew by 130-140 percent year-on-year and Ebitda increased by 20-25 percent. “If we look at the last three years, revenues have been growing at an average of more ...
