Former Clothing Retail Giant ITAT6 Released A Restructuring Plan At The End Of The Month

It has been reported that the clothing giant of the past hit the market.

Founded in 2004, ITAT reached its peak in early 2008.

At that time, ITAT called itself "nearly 4 billion sales, nearly 1000 stores". It also ranked third in the Hurun retail list, second only to Gome and Suning.

However, in March 2008, with the failure of the second hearing of ITAT, which was intended to be listed in Hongkong, its founder, the European Union, began to switch to agricultural investment. ITAT was in a crisis and was involved in the debt crisis.

ITAT used to be the capital of Lanshan,

In April 2011, reporters went to Shenzhen to investigate the above ITAT "mystery". According to our reporter's understanding, only a good concept and profit model is not enough for entrepreneurship. Compared with the concept of entrepreneurship, the execution and mentality of entrepreneurs and entrepreneurial teams are more important.

However, as one of the industries with low entry threshold and a high degree of marketization, the garment industry has become one of the industries with serious excess production capacity after decades of development. It is also hard to predict the risk of ITAT's reorganization.

In addition, Hui Ying group told our correspondent that it will pform the cooperation based on ITAT on the basis of the consignment system into a supply chain network based on equity cooperation. For this network, its restructuring plan has not yet been promulgated, and how to advance it and implement its reorganization objectives at the practical level remains to be seen.

Recombinant ITAT tracking

"The problem of ITAT is mainly that the development is advancing too fast, and the management mode and the core team are all having problems."

In April 20th, Li Wei, CEO, who is to take over ITAT's China Hui Ying joint supply chain group (hereinafter referred to as "Hui Ying group"), told the reporter at the office of the 24 floor, Hui Ying group, Guang Shen Hotel.

According to Li Wei, Huying group's reorganization of ITAT required a debt clearing operation before May 30th, and a plan was made in late June. However, the meeting time between creditors and shareholders has not yet been determined, and the scale of debt and debt is still being clarified.

"Now 80% to 90% of suppliers and creditors are actively cooperating with Hui Ying."

Li Wei said.

This also means that the work of restructuring the ITAT has come to an end from the end of December last year.

Statistics show that in December 15, 2010, the Hui Ying group announced the restructuring of ITAT at the grand China Sheraton Hotel in Shenzhen. On the afternoon of the same day, the Hui Ying group held the first supply chain association fellowship and convened a ITAT vendor who had been away for a year, announcing the merger of ITAT.

According to the reorganization information of Hui Ying group, the major shareholders of the merged ITAT include the China Merchants Alliance Group, ITAT, and the 16 former financial institutions such as Morgan Stanley and Lanshan capital, which were converted to ITAT after the conversion to common stock. In addition, ITAT shareholders also include the original supplier of ITAT and the new supply chain partners.

According to our reporter, Hui Ying group was founded in Hongkong in November 2010 by the China Merchants Union Group. As the main shareholder of Hui Ying group, Ma Huijun, chairman of the board of directors of Hui Ying group, was once one of the ten largest suppliers of ITAT, and is also the largest creditor of its suppliers.