The Fashion brands haven’t been blessed with the greatest luck this year. In fact, 2020 might be the worst year for fashion–courtesy of the pandemic. While many brands have filed for bankruptcy, it means they still have some hope left for restructuring with investment. Let’s take a look at these brands.
True Religion filed for bankruptcy on April 13. Their reason for it was the loss they suffered, having to close their retail stores all over the U.S. This is their second time filing for it in the span of three years, and just like how they got out of the murky situation the first time around, it’s hoped they would do so this time as well. Their liabilities amount to $500 million.
One of the US’s biggest apparel retailers, J. Crew, filed for bankruptcy protection on May 4. They’re dealing with a debt of 1.65 billion and a massive drop in sales. The main creditors have agreed to turn the debt into equity for now and keep the company afloat.
Aldo had to file for bankruptcy in four regions, the US, Canada, Switzerland, and now, the UK, on June 1st. Out of their 13 stores, 5 will have to be shut, for now, while attempts to save the other eight are ongoing.
John Varvatos, famous for its blend of rock-n-roll into menswear tailoring, had to file for bankruptcy protection on May 6. Its debt amounts to $140 million.
Neiman Marcus filed for bankruptcy on May 7, with a debt of $4.8 billion. However, they have already promised they would be out of debt by fall.
It would be a waste to lose so many beloved brands, so we hope everything sorts itself out.