Despite this week’s rescue attempts, Escada filed bankruptcy in a German court this morning.
The label, which was founded in 1978 has been better known as the target of the anti-fur movement than for its clothes these past few years. Aside from the red asymmetrical dress Katherine Heigl wore to the Oscars two years ago, and an occasional number on Demi Moore, it’s dropped largely out of the limelight which can’t help its cause when asking for financial salvation.
According to Bloomberg, the brand was once the largest women’s clothing brand in the world. Today, over 2,200 people will lose their jobs as a result of the bankruptcy and the company’s unlikely recovery.
While it’s difficult to watch such a formerly strong brand fail, we’re still impressed that so few high fashion labels have reached that point.