- The Belgian fashion house Duror Fashion Group, owner of the Terre Bleue, Gigue and Zilton brands, declares bankruptcy.
- As a result of bankruptcy, 150 employees will lose their jobs. It was decided to close approximately 30 own stores.
Duror Fashion Group, the parent company of Terre Bleue, Gigue and Zilton, has filed for bankruptcy. Foreign media report that the company is unable to repay its loans. 150 people will lose their jobs.
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Another bankruptcy in the fashion world. The owner of the Terre Bleue brand went bankrupt
The Belgian company has been struggling with declining sales for some time – before the pandemic, its turnover was approximately EUR 35 million, but in the 2022-2023 financial year it dropped to EUR 30 million. Moreover, no agreement was reached on the later repayment of loans taken out during the pandemic. Therefore, the company's management decided to file for bankruptcy.
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Duror Fashion Group talks about the collapse in the clothing industry
Duror Fashion Group talks about a very difficult time for the fashion industry and mentions: long-term effects of the Covid-19 pandemic, war in Ukraine, rising prices of energy and raw materials, fierce competition from cheap fast-fashion brands, international online stores and a dynamically developing clothing market used.
The bankruptcy is a bit of a surprise in the community, because CEO Peter Perquy announced the refreshment of the Terre Bleue brand in an interview for RetailDetail. The brand wanted to become more contemporary, but at the same time maintain quality and timelessness.
The entire fashion sector is in serious trouble today. Esprit recently declared bankruptcy, the European branch of Scotch & Soda went bankrupt, Ted Baker closed stores in Belgium and the Sacha brand decided to close most of its stores in the Benelux countries.
