- Sara Ehlers |
After being purchased by Mike Ashley, Agent Provocateur seems to be struggling in the U.S. The lingerie brand has officially filed for bankruptcy protection recently.
In New York, Agent Provocateur filed for Chapter 11 bankruptcy protection as reported by WWD. Over a month ago, the company was purchased by marketing and fashion company Four Holdings under Ashley’s ownership. The purchase was meant to keep the brand’s retail stores afloat and to help continue operations in the U.S. However, it seems that due to poor business, Agent Provocateur has run out of options. “Terminations are imminent at a couple of these locations; in fact, one landlord is about to evict one of the debtors from a prime location,” Brooks told the publication. Due to these inconveniences, the British-based brand has turned to bankruptcy.
Just recently, FashionUnited reported that the company announced it will shutter all of its Australian stores as well. Currently, the company’s status in both Australia and the U.S. are not up to par. According to court documents, the brand’s liabilities in the U.S. fall between 10 and 50 million dollars. Assets are estimated at approximately 1 and 10 million according to WWD. While the U.S. arm is headed towards its bankruptcy filing, it’s not yet determined what the future of the company will be.