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Tuesday, August 18, 2009
Escada files for bankruptcy
Yes, another fashion house gets hit by the global financial crisis as there seems to be a low demand for luxury goods at present. It was announced that the German fashion group, Escada, has filed for bankruptcy. A judge in Munich will examine the case and will then appoint an administrator for the company. The news got even worse for the company as their shares also dropped by more than 70% after the announcement. Where's the loyalty? For now, Escada will continue to trade and if you would like to help them, go buy yourself something at one of their stores.