All Legal & Institutional articles

  • Clarks

    Clarks’ landlords criticize the rescue plan’s terms


    The British shoe maker Clarks has been accused of freezing landlords out of discussions over its £100 million (€110.9m-$130.0m) bailout by Hong Kong-based private equity firm LionRock Capital . Landlords are furious that despite facing large losses on rent write-offs, they will only represent 25 percent of a ...

  • amazon-logo

    EU estimates Amazon broke competition rules


    The European Commission believes Amazon violated competition rules by unfairly benefiting from non-public data on independent sellers who use its marketplace, it said in its preliminary findings from an antitrust investigation underway against the American e-commerce giant since last year. The European Union’s executive body added it was also ...

  • Kurt Geiger

    Kurt Geiger plans 500 job cuts over U.K. plan to drop tax-free shopping


    Kurt Geiger , a luxury footwear and accessories retailer, plans 500 job cuts, affecting over a quarter of its workforce, early next year after the British government announced that it would abolish tax-free shopping on Dec. 31. The standard value-added tax (VAT) is 20 percent in the U.K. In ...

  • Aktiv Schuh

    Aktiv Schuh, bankruptcy proceedings opened


    Just a little more than two months after the ailing shoe retailer Aktiv Schuh filed for bankruptcy, the district court of Berlin-Charlottenburg officially announced the start of insolvency proceedings under self-administration. According to a statement from the court, the proceedings were opened on Oct. 1 and Torsten Martini ...

  • Article

    EU agrees on common rules for travel restrictions due to Covid-19


    The European Council has adopted a recommendation on a coordinated approach to travel restrictions in response to the Covid-19 pandemic. The council comprises the heads of state or government of the countries forming the European Union, as well as the president of the council and of the European ...

  • OECD

    Global talks on digital tax prolonged to 2021


    The 137 countries involved in talks on base erosion and profit shifting (BEPS) due to the digitalization of the economy have agreed to keep working towards an agreement on the taxation of digital companies by mid-2021, thus acknowledging that they will fail to strike a deal by the end of ...

  • News briefs

    25 former André stores to be auctioned


    Twenty-five former shops of the French footwear retailer André will be auctioned from Oct. 27 to 30 in Grenoble. In July, a Grenoble-based court had chosen François Feijoo to take over André which had filed for insolvency. But, Feijoo only kept 55 of André’s stores, out of a ...

  • CCC Germany logo

    CCC 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 ...

  • News briefs

    TikTok ban suspended by U.S. judge


    A federal judge, Carl Nichols , has decided to suspend an executive order issued by president Donald Trump that would have banned the Chinese video sharing app TikTok from being downloaded on mobile phones in the U.S. The ban was scheduled to start from Sept. 27. TikTok ...

  • VRG Rizzo

    VRG 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). ...

  • Sioux

    Sioux completes restructuring of wholesale division


    Less than three months after filing for insolvency, Sioux GmbH successfully underwent a restructuring that will allow the wholesale business to remain part of Sioux Group . The company, which deals with shoe retailers for the Sioux Group, is being taken over by Sioux Schuh GmbH , a ...

  • TikTok

    ​U.S. delays TikTok ban to Sept. 27 as Trump gives blessing to deal with Oracle, Walmart


    The U.S. Department of Commerce said that it has delayed until Sept. 27 the prohibition of the Chinese mobile application TikTok . The department had previously announced that the ban would start today. The decision comes after U.S. President Donald Trump said he had given his “blessing” to ...

  • peter-kaiser-schuhfabrik

    Peter Kaiser files for insolvency


    Peter Kaiser Schuhfabrik has filed for insolvency with a local court in Pirmasens, Germany. The so-called protective shield procedure, which will enable the company to continue trading under restructuring, was motivated by a decline in sales stemming from the impact of the Covid-19 pandemic. “Peter Kaiser’s business operations ...

  • News briefs

    French government remains opposed to EU, Mercosur trade deal


    The French government remains opposed to a trade deal between the European Union and the countries of the South American trading block Mercosur, because of the “major” issue of deforestation in the Amazon region. The French government set three conditions to continue talks with Brazil, Argentina, Uruguay and Paraguay, ...

  • News briefs

    German shoe chain Dielmann seeks investors


    On Sept. 1, the Darmstadt District Court opened creditor protection proceedings for the local footwear chain Schuhhaus Dielmann and the sports retailer Sporthaus Robert Hübner . Self-administration was decided for both companies. The previous managements stepped down from both companies in June with the application of so-called protective shield ...

  • christian-wiediger-rymh7EZPqRs-unsplash

    Amazon: The Janus-faced company


    The current Covid-19 crisis has accelerated Amazon ’s consumer goods business exponentially. The Silicon Valley giant doubled its profits in the second quarter of this year and increased its turnover to nearly $89 billion. The share value has also nearly doubled since the middle of March. On Sept. 1, Amazon ...

  • Henkelman

    ​Theo Henkelman, Only A Shoes follow FNG Group into bankruptcy


    The two Dutch shoe companies Theo Henkelman and Only A Shoes had to file for bankruptcy in the wake of the insolvency of part of the Belgian fashion firm FNG Group . The bankruptcy proceedings started on Aug. 10 for the two Dutch units. The administrator in charge ...

  • News briefs

    Russian customs wants to check parcels for counterfeit shoes


    The Russian Federal Customs Service is seeking to obtain authorization from the government to inspect parcels entering the country for the presence of counterfeit products purchased through foreign online stores, according to Sergey Shklyaev , director of the trade restrictions department of the Customs Service. Shoes and clothes are ...

  • Moreschi shoes

    Moreschi’s relaunch is in turmoil


    The Moreschi family is seeking to block the transfer of a 50.37 percent in the namesake company to Hurley , a Swiss company run by Guido Scalfi , on the grounds that an agreement to relaunch the company is not being respected. In a statement, the Moreschi ...

  • News briefs

    Luis Onofre re-elected president of Apiccaps


    Luis Onofre was re-elected for three years as president of Apiccaps , the Portuguese association grouping manufacturers of footwear, components and leathergoods. Onofre said that at a time when Europe is discussing its reindustrialization it is important that Portugal creates the conditions to ”definitively assert itself as a ...