Escada facing bankruptcy
Times are troubled over at Escada. The German fashion label is reportedly facing bankruptcy and could soon cease trading.
According to German newspaper, Welt Am Sonntag the company is "in a difficult situation" and has begun talks with insolvency experts.
Chairman Bruno Saelzer said he hoped it wouldn't come to that, however Escada has only enough liquidity to see it through until August but not beyond. It has activated a debt restructuring plan to creditors, but if that fails Saelzer said it would be "inevitable" to end trading because "98 out of the 99 possible measures" to save the company had already been taken.
Escada owns a standalone store in London's Sloane Street. It is often worn by celebs including Katherine Heigl and Katie Holmes. Eva Herzigova (right) currently fronts the label's autumn/winter 2009-10 campaign.
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