ESCADA prepares for bakruptcy
Bruno Salzer, CEO of ESCADA has recently declared in a German daily the company is about to file for bankruptcy. Last week, Salzer stated in an interview for AFP news agency that he was looking at all sollutions to save the German luxury brand, as the liquidities of the company will run out in August 2009. Troubles at Escada started well before the crisis, many blaming a lack of artistic direction adapted to world market changes as well as a poor strategic management.
All three Escada franchise stores in Romania closed in 2008, while sales have dropped by 25-30% for franchised stores in Belgrade (Serbia) and Sofia (Bulgaria).