Denmark's Bruuns Bazaar files for bankruptcy
Bruuns Bazaar, the Danish fashion label, filed for bankruptcy on March 8th.
The brand is part of fashion group Scandinavian Designers Gruppen. In a press release, Bruuns Bazaar stated that it has negotiated with its bank about a framework for recovery, but that this has been unsuccessful. Bruuns Bazaar was halfway through an extensive turn-around programme, but says it has been unable to secure adequate long-term financing to implement the second and final part of the recovery.
This part would have required investing in marketing and sales development. Bruuns Bazaar said: "We sincerely apologize to our talented employees and business partners at home and abroad for not being able to find a long-term financial solution, despite the owners' willingness to inject tens of millions in further capital to develop the Bruuns Bazaar brand."
Scandinavian Designers Gruppen also has the Baum und Pferdgarten A/S and Six Ames A/S brands, which are not affected by Bruuns Bazaars' bankruptcy. The group said it will continue to search for exciting Scandinavian brands to add to its platform.
Bruuns Bazaar was founded in 1994 and also has the younger BZR brand. The label has 14 stores in Scandinavia.
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