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.
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.
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.
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.
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 announced ...
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 of managing the ...
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.
Scarpe & Scarpe seeks debt restructuring agreement with creditors
The Turin-based footwear and apparel retailer Scarpe & Scarpe has entered into a preliminary insolvency procedure, known pre-concordato or concordato preventivo in bianco, granting it temporary protection from creditors while seeking a debt restructuring arrangement. Usually, the procedure provides a company two to four months to reach an agreement with ...
Cirillo Marcolin takes over presidency of Confindustria Moda
As planned, Cirillo Marcolin has taken over the rotating presidency of Confindustria Moda, the umbrella organization of the Italian fashion industry, replacing Claudio Marenzi.
Hotter Shoes submits debt restructuring plan to creditors
UK footwear chain Hotter Shoes has reportedly gone ahead with plans to file a company voluntary arrangement (CVA) proposal to creditors and shareholders seeking approval to close 46 stores as it deals with the impact of the coronavirus pandemic. The plan would leave the company, owned by Electra Private Equity, ...