December 4th, 2009
Luxury brand Christian Lacroix is to cut most of its staff and close its main clothing design business after a court approved a restructuring plan.
The French fashion house will shed 100 staff, leaving just 11 employees to manage its accessories and perfumes.
The fashion label has never made a profit and earlier this year was forced to seek bankruptcy protection after incurring €10m ($15m) in losses.
October 10th, 2009
Japanese clothing designer Yohji Yamamoto’s fashion house has filed for bankruptcy protection in a Tokyo court.
The company said Friday its sales had been battered by sluggish demand amid the global economic slowdown with debts totaling six billion yen ($67 million).
Integral Corp., a Japanese investment company also announced today that it will be sponsoring the fashion company’s restructuring plan.
August 14th, 2009
German fashion company Escada AG filed for bankruptcy after being unable to obtain sufficient financing, a Munich district court said Thursday.
The company carries around $100 million in debt and has struggled over the past year as the market for luxury goods has declined.
Founded as a knitwear company in 1976 by husband and wife Wolfgang and Margaretha Ley, Escada employs more than 2,300 people across the globe.
January 26th, 2009
Startribune reports that the Lusso Collection, a luxury destination club that had assembled a portfolio of multi-million dollar residences is in financial trouble.
Lusso isn’t the only high-end destination club or private resort to succumb to the sagging economy and the eroding real estate market.
Several recently have closed, consolidated or reduced services as membership sales have fallen and their business models have been turned upside down by plunging real estate values.
