Actress Katherin Heigl on the Red Carpet in a dress by Escada Photo credit: teamsugar
Here we go again folks. Another design house has filed for bankruptcy-German fashion company Escada. This happened today in Munich Local Court due to a less than favorable bond-exchange outcome which resulted in no new bank loan for the debt ridden company. Escada investors Wolfgang and Michael Herz-German heirs to a coffee retailer-tried to stage an intervention and bring in Hugo Boss exec Bruno Saelzer to rescue the failing company. However the value of the stocks continued to nosedive and on top of that the CIT Group, who supports many moderate-expensive priced retailers through “factoring” facilities, is about to go under itself. Sadly, it doesn’t look very good for Escada, unless something major happens. No doubt, this will disappoint those who are fond of Escada an awards show staple, including celebrity fans Demi Moore, Katie Holmes, Geena Davis, Carrie Underwood, Katherine Heigl, and Hilary Swank who have all donned the designs at events or on the Red Carpet.
