Escada has been on the verge of collapse for some time, and now the label has exhausted pretty much every chance for survival. The house will file for insolvency this week after bondholders rejected a plan that would have allowed Escada to trade old debts for new notes. Only 46 percent approved the plan while 80 percent approval was required for the plan to go through, open credit lines, and give the label a fighting chance. Escada's board will meet today to discuss the next steps. Chief executive Bruno Saelzer had wanted to avoid insolvency (obviously) to protect the brand's image. If the bond swap had been approved, Escada would have received a loan of 13 million euros and a capital increase of at least 29 million euros. But that's neither here nor there now.
The Hair Stories Behind American Hustle
Sarah Jessica Parker Longs to Take the Bus
Should Women in Their Forties Model Underwear?
- Taylor Swift Uses Her Phone to Put on Makeup
- The Cut’s Advent Calendar: 15 Days to Go!
- The Hair Stories Behind American Hustle
- New York Winter Weddings Issue Is Live!
- Wish List: 3.1 Phillip Lim’s Quinn Loafer
- Daniel Radcliffe Has a Greasy New Bob
- Qantas Staff Doesn’t Want to Look Like Kerr
- Pre-Fall’s Best: Jason Wu, Rag & Bone, and More
- Sarah Jessica Parker Longs to Take the Bus
- Rodarte Sent Rihanna Boob Tassels for Christmas
- Should Women in Their Forties Model Underwear?
- 7 Things Lady Gaga’s Dreads Actually Look Like
- Retail Task Force Tries to Fix Racial Profiling
- Putin to Free Pussy Riot, Maybe
- Paparazzi Spoils Emma Stone’s Good Times in L.A.