Fashion label Supertrash files for bankruptcy
On Tuesday, Dutch fashion label Supertrash filed for bankruptcy, the brand’s former CEO Olcay Gulsen said on Dutch television programme RTL Boulevard.
Gulsen told RTL Boulevard on Tuesday: “I find [the bankruptcy] very painful, it is my life's work,” also revealing that due to ongoing financial losses, the shareholders did not want to continue with the company.
She added: "Of course I knew that things were going badly, that was also under my guidance. I was CEO and it did not go well enough at the company in any case. Only I had very much hoped that we had had our lowest point and that we were rebuilding. And I had realised that I was not the right person to lead the company. "
On 26 February, Gulsen announced that she had left the company after twelve years, focusing on her television career. It was the latest in a line of setbacks for the brand, which had been dealing with financial troubles for some time.
The company had announced a revamp in 2016 with a plan to transform all 30 Supertrash stores into outlets for ST.studio, a high-end label targeted towards women aged 30-45, focusing more on exclusive service and customer experience. At the time, Supertrash remained available via wholesale partners. But just a year later, Supertrash recorded a loss of three million euros on the 2016 financial year, Quote reported.
In March 2017, the fashion company received a capital injection to avoid liquidity shortages. The investment amounted to ‘several millions’, which was paid by a group of anonymous investors, according to Quote.
Supertrash was founded by Ava Rily in Los Angeles. Gulsen imported the brand via a European license to the Netherlands as part of her company 2Stepzahead. From 2009, when Gulsen became the owner of the label, Supertrash quickly grew to 1,600 points of sale internationally and 30 brand stores in the Netherlands, Belgium, the United Kingdom and Hong Kong. Supertrash employed more than 120 people.
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