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Bankrupcy

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The latest victim of the economy is German brand Escada, which just announced plans to file for insolvency (the German legal equivalent of bankruptcy) later this week. WWD gives us some context: "Escada has been struggling for years following a series of management miscues and its troubles worsened as the brand, like most German luxury players, has been hit hard by the recession. Still, the latest turn marks a far fall for one of Germany’s leading luxury houses and a brand which, at its peak in the Eighties, was considered one of the premier fashion labels in the world." [WWD, subscription req'd]