The consequences of the corona pandemic and the reluctance of consumers due to high inflation are hitting many companies hard.
Now the next fashion chain is on its knees.
Amsterdam – The well-known Dutch fashion brand Scotch & Soda has filed for bankruptcy.
The clothing brand filed for bankruptcy in Amsterdam due to "serious cash flow problems".
The company cited inflation, the consequences of the corona lockdowns and high energy prices as the reason for the bankruptcy.
Scotch & Soda: 7,000 stores worldwide, online trading in 70 countries
The fashion brand has over 7000 branches in department stores and over 200 stores worldwide.
Online trading is operated in more than 70 countries.
Scotch & Soda was founded in Amsterdam in 1985.
The good news is that Scotch & Soda has initially only opened insolvency proceedings in the Netherlands.
This means that there are no effects on foreign business - at least for the time being.
The 32 branches in the home market should “remain open as usual until further notice”, according to a statement.
A "permanent solution" is being sought with the insolvency administrator.