Bankruptcy news and archive

IKKS declared bankrupt in Belgium: dozens of jobs at risk

The Belgian subsidiary of the French fashion brand IKKS was declared bankrupt at the beginning of February by the French-speaking Commercial Court of Brussels. The bankruptcy affects around ten of its own stores and puts dozens of jobs at risk, reports business newspaper L’Echo. IKKS is a French premium fashion brand active in several European...

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Ssense founders secure buyout approval

The founders of Canadian luxury retailer Ssense have secured court approval for their buyout offer, blocking a deal by lenders pursuing a liquidation of the company. The Quebec Superior Court notified the company’s advisor, Ernst & Young, that the bid submitted by the founders – brothers Rami, Bassel and Firas Atallah – alongside their strategic...

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Eddie Bauer retains RCS Real Estate Advisors as consultant for bankruptcy proceedings

Eddie Bauer has retained RCS Real Estate Advisors, a national retail real estate advisory firm, to serve as its consultant during its ongoing bankruptcy proceedings. In its role, RCS is set to advise Eddie Bauer in all matters related to real estate. The announcement comes weeks after the outdoor retailer filed for Chapter 11 bankruptcy and...

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Hilco to oversee competitive sale process of Francesca’s, ‘robust’ interest reported

A sale process for the assets of womenswear retail chain Francesca’s has been launched, with advisors already reporting “robust” interest in the brand. Hilco Global has been appointed as the asset disposition consultant for Francesca’s Acquisition, LLC and its debtor affiliates following a stalking horse agreement with Stand Out For Good, Inc....

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Francesca’s: The journey to a second bankruptcy for the mall-based retail chain

US retail chain Francesca’s has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey. The news comes after media reports speculated that the company was already in the process of liquidating its inventory and was planning to close stores. At the time, it was suggested that Francesca’s was also...

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Eddie Bauer store operator reportedly set to file for bankruptcy, affecting 200 stores in US

Eddie Bauer is said to be preparing to file for bankruptcy and shut down its 200 North American stores, according to sources at WWD. The outdoor brand’s store operations are owned by Catalyst Brands under license from brand owner Authentic Brands Group, which would indicate that the broader Catalyst Brands business would not be affected. The...

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Expert analysis: the limits of Jott's accelerated expansion under LBO

With the fate of Marseille, France-based casualwear brand Jott (Just Over The Top) hanging on a court decision expected in early February, its fragility is striking following a capital injection of nearly 99 million euros (116 million dollars). Vincent Redrado, an industry expert and founder of French consumer consultancy firm Digital Native...

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Saks Global secures 500 million dollars in funding to support restructuring

Luxury retail group Saks Global has unlocked 500 million dollars of funding to support operations and transformation plans under its ongoing bankruptcy process. The financing is an initial tranche of a 1.75 million dollar committed capital the company secured when it filed for Chapter 11 protection with a Texas court last week. Saks said the...

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Saks Global: Court approves 400 million dollar financing, despite Amazon objection

Saks Global has received preliminary approval for 400 million dollars in new funding from a US bankruptcy judge. The capital is part of a 1.75 billion dollar financing commitment secured by the group in association with its Chapter 11 proceedings, initiated with a Texas bankruptcy court. Judge Alfredo Perez approved of the funding despite...

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Saks files for bankruptcy protection, Geoffroy van Raemdonck appointed CEO

Saks Global has officially succumbed to bankruptcy. The US luxury retail group has commenced voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company, which owns Saks Fifth Avenue, Saks Off 5th, Bergdorf Goodman and Neiman Marcus, has said its stores will remain open for now. The filing intends...

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Ssense co-founders win bid for control over retailer

The co-founders of Canadian luxury platform Ssense have won their bid to retain control over the company. It has been confirmed that the parties have now entered into a definitive purchase agreement. In a press release, Ssense said it had been "notified by the court-appointed monitor that the bid submitted by its co-founders, Rami, Atallah, and...

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Saks seeks 1 billion dollar bankruptcy loan to avoid bankruptcy as it faces vendor lawsuits

Saks Global is reportedly in the process of securing a 1 billion dollar loan to avoid filing for Chapter 11 bankruptcy, as more vendors file lawsuits against the luxury department store group. The capital-constrained company is said to be in negotiations with some of its creditors to obtain a loan, according to media reports. Saks Global, which...