Bankruptcy proceedings were opened in Vienna on Thursday over the assets of the Austrian fashion chain Scotch and Soda. The reason is the bankruptcy proceedings of the Dutch parent company – the Scotch & Soda Group operated by the Dutch S&S Europe BV, which were opened on Wednesday.
The business model was based on the sale of clothing under the textile brands Scotch & Soda, Scotch & Soda Amsterdam Couture, Scotch P’tite, Maison Scotch La Femme Selon Marie, Maison Scotch, Scotch Shrunk, Scotch R’Belle. According to the Credit Protection Association of 1870, the total liabilities are around 1.1 million euros. 24 creditors and 22 employees – in branches in Vienna and in the Parndorf outlet center – are affected by the bankruptcy.
“The insolvency administrator will have to quickly examine whether the company can continue or whether closure is unavoidable. KSV1870 has not yet received any further information as to whether restructuring is planned,” said Jürgen Gebauer from the Credit Protection Association.
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Source: Nachrichten
