CENTRIC BRANDS INC ASK FOR PROTECTION FROM BANKRUPTCY

Centric Brands Inc. applied to the court of the United States with a request for the protection from bankruptcy under Chapter 11 of the American insolvency law. The plaintiff is known as the owner of many fashion brands.

In fact, in its current form, the company exists only for a year. It is engaged in the production and sale of women's, men's and children's clothing, as well as accessories (previously the brands were not combined). Its portfolio of licenses includes more than one hundred brands, including Timberland, Hudson Jeans, Zac Posen and many others.

It is known that the company is going through a difficult period, but the creditors agreed to allocate $ 435 million so that the restructuring did not mean a complete closure and Centric Brands Inc. could continue its activities. This money will be spent on the salaries payment and supplier services.

It is necessary to note that, despite all the problems, Centric Brands Inc. does not plan to go bankrupt – the company hopes for the protection according to Chapter 11 of the American insolvency law and subsequent restructuring.