Bluestar Alliance is said to have spent 60 million euros to relaunch Dutch brand Scotch & Soda.
The sum emerges from an initial bankruptcy report, with much of the money going to banks. This is reported by several media, including Het Financieele Dagblad. The banks are said to be dealing with claims of almost 56 million euros, some of which are to be waived. There are also debts to the Dutch tax authorities and 700 creditors who have come forward, according to the Dutch newspaper.
Scotch & Soda filed for insolvency for the Dutch companies in mid-March. The foreign units were not affected by the insolvency, but are so closely linked to the Dutch office that they cannot continue without it. The retail chain suffered from “serious cash flow problems” due to the lockdowns during the Corona crisis, followed by the energy crisis and high inflation.
The US investment company Bluestar Alliance, which owns brands such as Hurley, Catherine Malandrino and Tahari, then secured Scotch & Soda in late March. This should allow the brand to continue in key markets.
After eight years: Scotch & Soda back at Pitti Uomo
Now, after an eight-year break, the brand is even returning to the Italian menswear fashion fair, as the group Alain Broekaert (GAB) announced on Tuesday. The Belgian distribution group, which helps brands such as Ecoalf and Hackett London with their wholesale business, announced in May that it was taking over the French retail subsidiary of Scotch & Soda.