German luxury fashion house Strenesse files for insolvency
FRANKFURT, April 16
FRANKFURT, April 16 (Reuters) - German luxury fashion company Strenesse, once known for dressing the German national soccer team at official events, has filed for insolvency, it said on Wednesday.
The family-owned company, which has been struggling with its finances but seemed back on a firmer footing in February when creditors agreed a new 12 million-euro ($16.6 million) bond, said it would seek to restructure itself under insolvency proceedings.
"We want to return Strenesse to profitability as soon as possible," lawyer Michael Pluta, who will act as chief restructuring officer, said.
Strenesse, which is mainly active in German-speaking countries, Italy, the United States, Japan and eastern Europe, mainly designs women's clothing. It employs around 360 people and has seen sales drop to around 50 million euros from over 100 million at their peak.
The German soccer team are now dressed by rival German fashion house Hugo Boss. ($1=0.7234 euros) (Reporting by Alexander Huebner; Writing by Victoria Bryan; Editing by Greg Mahlich)