Thousands Of Stores Have Been Closed And Executives Have Been Replaced Frequently, And There Is No Property Under The Name Of Rachabel

On November 11, the enforcement ruling of Shanghai Xuhui District People's Court ((2020) Hu 0104 Zhi No. 1977) released by China judicial document website showed that there was no property to be enforced under the name of women's clothing brand Xinjiang lashabel Clothing Co., Ltd. (hereinafter referred to as "La Chabel") and the execution procedure was ended. The execution ruling will be signed on November 6, 2020.

Prior to that, on the evening of November 4, St lashia (603157. SH) announced that after the qualification examination of the nomination committee of the board of directors, the board of directors agreed to appoint Zhang Danling as the president of the company, with a term from the date of deliberation and approval of the board of directors to the expiration date of the Fourth Board of directors. Zhang Danling, who has been in La chapel for nearly 20 years, is very familiar with the company's business model and internal management, and her appointment as president is in line with the actual situation of the company at this stage, the announcement said. It is worth noting that this is the fourth time that the company has changed its president in nearly a year.

In fact, the position has been vacant since the resignation of the previous president. From the perspective of the company's internal management personnel, Cheng Weiqi is able to adjust its internal brand management. But as far as lashabel's current situation is concerned, no matter how powerful the president is, it is difficult to save him from the fire. With high debt and huge performance losses, it's hard for rachabel to solve these problems.

As a matter of fact, the president of La chapel has been changing frequently due to his own performance loss, huge debt and delisting. The reporter combed and found that in the past year, La Chabel has changed the position of president four times. In October 2019, Xing Jiaxing, chairman and President of La charbelle, applied to resign from the position of president and remained as the chairman and legal representative of the company. As for the post of president, he was forced to take over the post and was fully responsible for daily operation and management.

In February 2020, La chapel said that Yu Qiang had resigned from the post of executive director and President of La chapel because he needed to invest more time and energy in his own business. At the same time, Xing Jiaxing became president of La chapel again. In April of the same year, La charbell announced once again that Xing Jiaxing had applied to resign from the position of president of the company for personal reasons, and Yin Xinzai, its vice president, was promoted to President of the company.

However, less than four months after taking office, Yin Xinzai resigned again. In August 2020, La chapel announced that Yin Xinzai, the company's president, resigned for personal reasons. After resignation, Yin Xinzai will continue to serve as the company's director and the corresponding positions of the special committee of the board of directors. At the same time, La chapel said that he would complete the selection and appointment of the new president as soon as possible.

In addition to the frequent change of president, several senior executives of La chapel have resigned. According to the first half year report, Wang Wenke and Rui Peng applied to resign as director and independent director of La chapel in February, and Shen Jiaming resigned as chief financial officer of La chapel in March.

"Under the pressure of performance, the frequent replacement of senior executives by La charbelle also reflects the confusion and bewilderment of rachabel trying to save herself, but with no other way out." Cheng Weixiong analysis said.

According to the data, in the first three quarters, the revenue of La chapel reached 1.741 billion yuan, down 69.75% year on year, and the net loss reached 783 million yuan. As of the end of the first quarter of 2020, the total assets of La Chapel were 7.234 billion yuan, and the total liabilities were 6.429 billion yuan. Meanwhile, La chapel also disclosed in the financial report that the company closed 3510 stores in the first three quarters, accounting for 64.34% of the number of existing stores at the end of last year. On July 1 of this year, lashabel was warned of delisting risk, and then the company was called out of the list of Hong Kong stock connect stocks under Shenzhen Hong Kong stock connect. At this point, La chapel officially "cap", the stock code changed to "St lashia".

In addition. According to the financial report, as of September 30, 2020, the total assets of La chapel was 4.818 billion yuan, and the total liabilities was 4.408 billion yuan. It is about to face the risk of insolvency.

In the first half of this year, lashabel also moved its registered address from Shanghai to Xinjiang. Professionals said the move is mainly to obtain policy and capital support to broaden the company's financing channels, so as to ease the pressure of certain funds.

On November 11, China judicial document website released the enforcement ruling of Shanghai Xuhui District People's court. The ruling shows that Shanghai Jinghao Textile Clothing Co., Ltd. (hereinafter referred to as "Jinghao textile") applied to the people's Court of Xuhui District of Shanghai on June 9, 2020, requiring the executed persons, La Xiabei and nuoxing (Shanghai) Clothing Co., Ltd. (hereinafter referred to as "Shanghai) Clothing Co., Ltd. (hereinafter referred to as" Jinghao textile ")“ Nuoxing clothing) paid a total of 1964344.94 yuan and interest.

Source: China judicial document network

In the process of execution, charnault was found to be related to the execution of the enterprise.

And according to the enforcement ruling, due to the poor management of the person to be executed, there are dozens of cases executed in the court, with the execution object of hundreds of millions of yuan. In the process of enforcement, the court has seized 38 trademarks held by La charbelle, and also seized the relevant shares of Shanghai lashia Enterprise Management Co., Ltd., Shanghai Weile Clothing Co., Ltd., Shanghai Youshi Clothing Co., Ltd., and nuoxing (Shanghai) apparel Co., Ltd., but it does not have the conditions for disposal at present.

In addition, the court through the real estate registration service center, banks, vehicles, securities and other departments inquiry, La chapel and nuoxing clothing bank accounts have been frozen by other cases, there is no property available for enforcement.

The above situation has been informed to Jinghao textile, the executor of the application can not provide other property information of the person to be executed. Due to the failure to fulfill the obligations, the court has taken measures to limit high consumption of Xing Jiaxing, the legal representative of nuoxing clothing, and Duan Xuefeng in other cases.

The people's Court of Xuhui District of Shanghai ruled that the case does not have the conditions to continue the execution because there is no property available for execution under the name of the person subjected to execution, and the execution procedure should be terminated.