General
Amazon is rumoured to be interested in acquiring (a part of) American department store chain JCPenney, which has been granted protection against creditors and is currently looking for a solution for its deep financial problems.
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Fashion
Closed stores and stock that cannot be sold: the havoc that corona will wreak in the fashion retail is becoming increasingly apparent. New studies now predict which chains will be the first to fall...
The measures that most governments have now taken against the spread of the coronavirus, have a terrible effect on fashion retailers. A stress test by McKinsey yields rather alarming results: 90 % of fashion retailers face serious threats from the corona crisis.
Outdoor chain McTrek, owned by the AS Adventure Group, has filed for judicial reorganisation in Germany. A curator is investigating to what extent the retailer can be saved through restructuring.
Orchestra-Prémaman has filed for receivership: the French children's clothing chain is only one more step away from bankruptcy. The chain is looking for a new buyer, hoping they will bring a new future.
Galeria Karstadt Kaufhof has applied for creditor protection. The department store group has set in motion the German insolvency procedure, as Esprit did earlier.
Esprit has requested, and obtained, protection against creditors for its German branch. The fashion retailer is particularly concerned about liquidity problems, as sales have plummeted as a result of the corona crisis.
The curtain may fall on more than 20,000 British shops, even after the confinement is lifted. The Centre for Retail Research even fears that a quarter of a million retail jobs will be lost for good.
The Dutch branch of the Hudson's Bay department store chain has requested deferment of payment. It is unclear whether the stores will remain open until the intended date, 31 December.
French chain Orchestra-Prémaman, which specialises in clothing for baby and children, will be protected against creditors over the next six months - a period that can be extended to eighteen months if needed.
Tom Tailor is close to a refinancing agreement. The clothing group has been able to conclude an agreement with the owner, Fosun, and the banks. As for Bonita, the cause of the problems, a new buyer is being sought.
Esprit has launched in Beijing with a completely new store concept. As part of this revival, the modem brand wants to make it clear that it is "back in the game". Photos can be found here. In the meantime, just five franchise stores have closed in the Netherlands.
American fashion chain Forever 21 is moving closer to bankruptcy, as final negotiations with potential investors seem to have ended without an agreement.
Maison Martin Margiela is the next victim in a long line of fashion retailers to admit defeat against a combination of high rents and changing customers. Its Brussels store said turnover fell by 50 % since 2011, making the high rents untenable.
French fashion house Sonia Rykiel is bankrupt. Now that the search for an acquirer has failed, the 1968 fashion brand is left with 30 million euros of loss and declining sales.
Nine out of ten start-ups in e-commerce fail within 120 days. Poor online visibility and low demand turn out to be the main issues.
