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Does Escada's Bankruptcy Mean No Store for Soho?

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This might explain why the site of Escada Sport in Soho has remained empty lo these many months: The German luxury brand is facing bankruptcy. Chairman Bruno Saelzer tells trade magazine Drapers that he's already taken "98 out of the 99 possible measures" to rescue the company, and that if its creditors don't agree to the latest debt restructuring plan by July 31st, it will be forced to stop trading. The newest New York shop was set to open this fall in the former home of Ann Taylor Loft at 555 Broadway (a prime spot between Prince and Spring), but as of mid-June, renovations hadn't started. Now we're wondering if they ever will.
· Escada in talks with insolvency experts [Drapers]
· Soho's Escada Sport Shows No Signs Of Improvement [Racked]