Escada Files For Bankruptcy
The news came as official data showed Germany had emerged from recession in the second quarter. There are hopes that Escada will continue onward. It has a global reputation as a designer label selling not just clothing but also fragrances, handbags and children's apparel. Bloomberg says that Russian millionaire Rustam Aksenenko owns 20.9 percent of the stock and German billionaires Wolfgang and Michael Herz hold 12.45 percent each. No one seems to know what the fate of the brand will be but I'm sure many loyal fans of the brand's understated elegance are hoping for the best.