The Danish fashion house Bruuns Bazaar filed for bankruptcy yesterday after a failed recovery attempt of the company.
”We were halfway through a turnaround,” states the company.
The bankers of the company did not like the “recovery framework”. In a press release says the company that Bruuns Bazaar A / S in recent years has reduced the exposure significantly with its bankers at the Bank’s request. At the same time, the company has undergone an extensive turnaround.
”We were halfway through this turnaround, but unfortunately it has not been possible to secure sufficient long-term funding of the implementation of the second and final part of the restoration, which would require increased investment in marketing and sales development. We sincerely apologize to our talented employees and business partners at home and abroad that there could not be found a long-term financial solution despite the owners’ willingness to inject a 2-digit million amount in further capital to develop the Bruuns Bazaar brand.”
Scandinavian Designers Group’s two other portfolio brands, Baum und Pferdgarten A / S and Six Ames A / S, are not part of the bankruptcy and has its own bank. They continue unchanged according to the press release.
Bruuns Bazaar was founded 1994 and has 11 stores in Denmark, two in Sweden and three in Norway.