Women'S Clothing Brand Laur L Declared Bankruptcy, But The Future Is Uncertain.

Germany high-end

brand

Since its management buyout in 2004, it has been operating as an independent company.

In the long term of financial pressure, Laur l announced in late September with Shenzhen East.

The acquisition agreement was reached by Shenzhen Oriental Fashion Asset Management Company Ltd..

However, the agreement requires creditors of Laur l to abandon interest on bonds before September 1, 2016 and to postpone payment of interest from November 16, 2016 to June 30, 2017. In return, creditors will receive 22% of the face value of bonds.

However, the debt restructuring was not going smoothly. The first creditors' voting meeting was not decided because of the insufficient number of participants. The second meeting, which was scheduled to be held in November 14th, was abolished, which eventually led to the bankruptcy of Laur L.

According to the preliminary data of 2015/2016 fiscal year (ending April 30, 2016), Laur l expects a loss of 2 million 400 thousand euros, a loss of 2 million euros in the same period last year, while sales fell 10.5% to 36 million 500 thousand euros from the same period last year.

However, due to the sale of Laur l brand's trademark right to use in China, Laur L made a profit in the current fiscal year, net profit of 1 million 100 thousand euros, a net loss of 4 million 500 thousand euros in the same period last year.

(in September 2015, 603808.SH, a Chinese listed company, invested 11 million 180 thousand euros in acquiring 100% stake in Dongming International (Hongkong) and acquired the ownership and management rights of Laur L in mainland China.

Laur l was founded in Munich in 1978.

Elisabeth Schwaiger has been the design director of the brand since 1995.

Laur L's business covers more than 30 countries and has more than 1000 stores.

Laur L is not the only German famous clothing brand that needs external capital to complete the restructuring.

In September, the German menswear brand Strenesse completed the acquisition deal with the Holland private equity fund Maeg Holding (see "ornate ambition": "German team manager Loew's favorite blue sweater, German menswear brand Strenesse was acquired by Holland private equity fund"), and is now seeking investors again.

After the first meeting, the second meeting of the creditors of Ren Lezard, the German high-end garment brand, approved the company's financial restructuring requirements and new investment.

However, Ren e Lezard announced last week that it had unexpectedly terminated its in-depth negotiations with investors and has begun to re look for investors.

Details of the restructuring strategy will be released on Wednesday for the Hugo Boss, the German fashion group that is in trouble.

In late October, the German outdoor brand Jack Wolfskin also faced serious financial difficulties.