The German company said the move will allow the subsidiaries to restructure their liabilities and long-term lease contracts, obtain funding for salaries and pension payments, and negotiate with trade unions.
Tapestry Inc. has made several new appointments to its senior management team, including a new CEO and president at both its Kate Spade and Stuart Weitzman brands, and a new president of Tapestry Asia Pacific.
Industry veterans including the former CEO of Inditex and the co-founder of Adolfo Domínquez are joining Bimba y Lola's first-ever board of directors. Brand co-founder Uxía Domínquez will act as chair.
Esprit’s problems are continuing with the Hong Kong and Germany-based firm reporting another set of weak results, although they were better than predicted and the company thinks it's on the right track.