Global Brands Group, the US clothing retailer, is set to wind down following a Bermuda court order.
The Group has been trying to revamp following decline in sales. Consequently, the losses restricted its ability to service its debt. Here it is important to state that Global Brands filed for Chapter 11 bankruptcy back in July.
Also Read: Apparel maker Global Brands’ US business files for Chapter 11
Earlier this month, the Group said it has been continuously facing liquidity concerns and in response, its European wholesale business minimised all payments deemed not critical to the company.
However, situation kept worsening and the unit’s executives informed the retailer’s board that it would not be able to survive as a going concern.
Consequently, in the absence of a restructuring agreement, Global Brands finally filed an application with the Bermuda court to close down.
Lately, Global Brands has been selling off assets, which also included the sale of the Fiorelli brand to Centric Brands in November.
Global Brands Group is an apparel, footwear and brand management company, which designs, develops, markets and sells products under a diverse array of owned and licensed brands and a wide range of product categories.
