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Tag: bancruptcy

  • Charlotte Olympia US to stop business

    Charlotte Olympia US to stop business

    Charlotte Olympia US has collapsed, with all of its store closed.

    The US retail arm of the UK-headquartered luxury fashion and shoe retailer is believed to have debts amounting to US$19.2 million, and assets of just $3.2 million. It had four stores: in New York, Las Vegas, Beverly Hills and Orange County. A fifth store in Bel Harbour, Florida, was closed last year.

    In its bankruptcy filing, the company cited “unprecedented disruption in the retail market”.

    The stores were operated by Pinktoe Tarantula and its affiliates Desert Blonde Tarantula and Red Pump Tarantula.

    “The brick-and-mortar retail environment has been experiencing, and continues to experience, unprecedented disruption due to a confluence of factors, including the proliferation of online retailers, changing consumer tastes and demographics, and increased competition,” the companies said in the filing. “Despite selling the iconic Charlotte Olympia brand and taking steps to reduce their expenditures, the debtors’ operations are not profitable due to the widespread disruption in the retail industry.”

    Charlotte Olympia’s US wholesale business is unaffected by the bankruptcy of the retail operations.

    The fashion label was founded in 2007 by Charlotte Olympia Dellal and also has stores in the UK, Dubai, Thailand and Russia. Its clothes and shoes are stocked by upmarket department atores around the world, including MyTheresa, Saks and Bloomingdale’s, and online on Net-a-Porter.

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  • Braccialini declared bankrupt

    Braccialini declared bankrupt

    A court in Florence has declared the Italian fashion brand Braccialini bankrupt after rejecting a request for an arrangement with creditors.

    The request was filed by the fashion house in June 2016 but the tribunal on Wednesday ruled that in Braccialini’s case there was the “technical impossibility” of managing a company that is “at this point insolvent”.

    The tribunal said that “several uncertainties weighed on the arrangement”, not enabling to “ensure the payment of the minimum 20%” to creditors. Luxury handbag-makers Braccialini and Tua in 2017 were bought by Arezzo-based jewelry and luxury brand Graziella Group, which is continuing production.

    Braccialini Spa had retained property of real estate, a depot and other brands after the acquisition, all assets that will now be managed by a trustee.

    The decision was reportedly affected by the issuing in 2016 of invoices to four suppliers, all Chinese creditors, according to court documents.

    The agreement included the “duplication of invoices” and delayed payment of money Braccialini owed to the four Chinese suppliers, among other things – “operations worth hundreds of thousands of euros” allegedly made right before and after the request for an arrangement with creditors, according to the ruling.

    Braccialini’s attorneys have denied that the company forged invoices, insisting it pursued the “interest of all creditors” and its over 80 employees.
    Meanwhile prosecutors in Florence are investigating 25 people, including members of the company’s board and trustees between 2011 and 2014, when the company’s crisis worsened.

    The label, known for its colorful and trendy handbags and accessories, celebrated its 60th anniversary in 2013 with a new museum inside its headquarters in Scandicci, near Florence.

    The family-run business was first launched by Carla Braccialini in 1953 with a collection that included dresses and hats, as well as bags.
    It quickly became popular thanks to its combination of different materials and bold take on patterns and color.

    Luxury purse maker was bought by Graziella Group in 2017

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  • Nine West Close to Filing for Bankruptcy

    Nine West Close to Filing for Bankruptcy

    A Nine West bankruptcy filing appears likely, according to reports from the US overnight.

    Retail Dive has reported that the embattled shoe retailer has found a buyer for some of its assets and plans to work to restructure its debt as soon as a sale is complete. However, Debtwire and Bloomberg both report NIne West is prepared to file for Chapter 11 bankruptcy if necessary, suggesting there is pressure form lenders.

    Neither NIne West or its private equity owner Sycamore, which paid $2.2 billion for the business in 2014, responded to requests for comment on the matter.

    Debtwire associate editor Reshmi Basi says the timing is likely to be determined by a March 15 payment deadline.

    The company has been struggling with its debt since late 2016 and last year was named by ratings agency Moody’s in a list of “at risk” retailers, citing “weak operating performance and very high debt and leverage burden”.

    Basu told Retail Dive Nine West’s outlook was decidedly uncertain. “Time will tell how it works. They’re going back and forth between creditors about how to address maturities,” she said.

    Nine West is steadily losing market share to online retailers in a market of softening apparel sales.

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