Skip Nav
Watch Our LIVE Holiday Gift Guide Show Now and Win Big!
Holiday Fashion
8 Universally Flattering Party Dresses to Wear This Holiday Season
Street Style
How to Style the Clothes You Already Have

Escada To File for Bankruptcy Equivalent

>> Escada was considered one of the world's premier fashion labels in the '80s, but the German luxury label has since become downtrodden among design flops, weak sales for many seasons, and management upheavels.  Last month, the company's chairman Bruno Saelzer indicated that if the debt restructuring plan the company put forth to stockholders was not approved this month, the business would have to be dissolved.

A month later, Escada has failed to reach the required stockholder acceptance level for its bond exchange plan and is meeting today to discuss plans to file for insolvency. Under German law, planned insolvency is the closest procedure to bankruptcy, as the country does not have the equivalent of Chapter 11. Saelzer had wanted to avoid insolvency out of concern for the brand’s image, and tried to keep up appearances in the last month by releasing a Fall 2009 campaign with Eva Herzigova photographed by Peter Lindbergh and last week, images of the brand's Spring 2010 collection.  The management was to meet today to discuss further steps.

Around The Web
Join The Conversation
Escada Born in Paradise Fragrance Review
Heidi Klum at Met Gala 2012
Kerry Washington in Escada at the 2011 Met Gala
Will Kate Moss Be in Louis Vuitton's Fall 2011 Ad Campaign? Plus, More Casting Rumors
Jonathan Saunders To Design Capsule Collection for Escada Sport
Jane Krakowski at the 2010 Emmy Awards
2010 Fall Ads: Valentino, G-Star Raw, Leon Max, MaxMara

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

From Our Partners
Latest Fashion
All the Latest From Ryan Reynolds