Escada, the German based perfume and fashion company has filed for bankruptcy following more than six months of failed restructuring efforts. The debt ridden company is the latest luxury brand to fall victim to the recession, despite news that the German economy had reported positive economic growth for this quarter. Escada employs 2,300 people around the world, including 600 in Germany.
The company’s bondholders gave up on a rescue deal early last week.
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