By  on February 9, 2009

After less than a year in operation, Ley International Fashion Company AG succumbed to the global recession and filed for bankruptcy in Munich on Friday.

Escada founder and former chief executive officer Wolfgang Ley launched his namesake Collection Wolfgang Ley for spring-summer 2009. Targeted at fashion conscious, but not necessarily reed-thin, baby boomers, the enterprise was personally financed by Ley, who put up 1 million euros, or $1.6 million, in starting capital.

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