Escada Facing Bankruptcy

BATD ON Jul 14, 2009 AT 10:07 am

Eva Herzigova for Escada Autumn/Winter 09

Eva Herzigova for Escada Autumn/Winter 09

Katherine Heigl and Katie Holmes could soon be bidding farewell to one of their favourite brands Escada. The German fashion label is reportedly facing bankruptcy and could cease trading very soon.  According to German newspaper, Welt Am Sonntag the company is “in a difficult situation” and has begun talks with insolvency experts.

Chairman Bruno Saelzer said he hoped it wouldn’t come to that, however Escada has only enough liquidity to see it through until August but not beyond. It has activated a debt restructuring plan to creditors, but if that fails Saelzer said it would be “inevitable” to end trading because 98 out of the 99 possible measures” to save the company had already been taken.

Eva Herzigova is currently the face of their Autumn/Winter 09 campaign, here’s hoping the label manages to survive until next season.

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