Jack Walker Was Appointed Bankruptcy Administrator.

In February 25th, Shanghai La Natsu Bell clothing Limited by Share Ltd announced the progress of bankruptcy and liquidation of Jack Walker, a controlling subsidiary. The announcement indicated that La Natsu Bell announced the decision of the controlling subsidiary Jack Walker to apply for bankruptcy and liquidation in October 17, 2019, and received an application for bankruptcy and liquidation by the court in January 22, 2020.

In February 21, 2020, Jack Walker received the decision of the third intermediate people's Court of Shanghai (2020), Shanghai 03 break 16, and was designated by the Shanghai Higher People's court to be the Jack Walker bankruptcy administrator in accordance with the random number of the Shanghai Higher People's court, and according to the first paragraph of twenty-second article of the enterprise bankruptcy law of the Shanghai.

At present, Jack Walker is no longer in production and operation business, there is no major risk affecting the company; this designated Jack Walker bankruptcy administrator, will not have adverse effects on the company's existing business operations. After the court appointed the bankruptcy administrator, the company lost control of Jack Walker and no longer incorporated it into the consolidated statement. In 2019, the company has prepared impairment allowance for Jack and Walker's long-term equity investment and the full amount of the creditor's rights, and will make corresponding accounting treatment according to the accounting standards.

La Natsu Bell previously announced that Jack Walker's main brand. O.T.R., the brand is still in the initial stage of cultivation and development, and its brand competitiveness is not strong. In the future, it still needs a large amount of capital investment, and the profit outlook can not be optimistic. In addition, Jack and Walker management have tried to introduce strategic investors to carry out the third party reorganization and internal management adjustment, and so on. They have not solved the current capital and business difficulties of Jack Walker, and their assets are not clear enough. Total debt is no longer sustainable.

According to China service network, in 2018, Jack Walker's total assets amounted to 174 million yuan, net assets of -1.66 billion yuan, operating income of 171 million yuan, and net profit of 161 million yuan. In September, before the deadline for bankruptcy, La Natsu Bell The balance of Jack Walker's operating borrowings is as high as 247 million yuan, that is to say, Jack and Walker are basically in a state of insolvency.