Dutch fashion brand Mexx is bankrupt.
The chain, now owned by U.S. private equity firm Gores Group, operates about 300 stores that will stay open during the holidays as the company tries to find a buyer.
A judge in Amsterdam has named Frits Kemp of Fort Advocaten as Mexx’s attorney.
A spokesman for the Gores Group said, “Mexx was struggling when The Gores Group bought it. A number of changes and improvements were made during its ownership of the business, but unfortunately they were not enough to overcome the effects of Europe’s long-running double-dip recession — and the recent rapid decline in Eastern Europe.”
The spokesman said “there was no choice but to liquidate the business worldwide.” She noted that The Gores Group maintains a lien on the brand, “which it expects to secure the ownership of in the bankruptcy process, and it has several options for maximizing value which it is currently evaluating.”
Gores Group acquired its initial stake in October 2011 from the former Liz Claiborne Inc., now known as Kate Spade Co. Gores took majority control of Mexx International November 2011.
The casual apparel brand has a wholesale and retail presence across Continental Europe and Canada. Those channels in Europe include Germany, Netherlands, Belgium, France and Russia. The company is headquartered in Amsterdam.
The company has been in turnaround mode for a few years.