The goodwill and inventory of Dutch company Goodforall BV have been sold, according to a new bankruptcy report. Goodforall BV owned the bag brand Myomy Do Goods. To date, it is still unclear whether the brand will be continued independently.
With the acquisition, the buyer will receive the “Myomy” brand, trade name, domain names, registered word and figurative marks, non-figurative logos, promotional materials, advertising, social media accounts, and remaining inventory of the label.
The new bankruptcy report also shows that Goodforall BV has been making losses for several years. Between 2019 and 2021, the loss decreased somewhat, but was still down €247,713 in 2021. Sales halved during this period from 1.5 million euros to 767,000 euros.
Goodforall BV was declared bankrupt in March this year. The company filed for bankruptcy itself. The reason for the bankruptcy was the effects of the corona pandemic. The company relied on sales in stores, which have been regularly closed during the pandemic, for the majority of its sales. In addition, the corona crisis in 2022 meant that the summer collection did not arrive in February but only in May. As a result, the usual repeat order in April could not be placed, and sales fell. The company wanted to turn things around and carried out a restructuring in 2022. However, the rebound came too late, overheads remained high and sales and customer confidence continued to decline.
External financing proved not to be an option as the debt burden was too high.
This translated post originally appeared on FashionUnited.nl.