According to a new report, the co-founders of the Canadian E-Sailer Sense have given a purchase offer for the battered company. This emerges from an internal message that Business of Fashion (BOF) is available as a video. According to this, the brothers Rami, Firas and Bassel Atallah entered the sales process for the company, which they founded together in 2003.
The announcement was made during an internal meeting. There Rami Atallah said: “Our family intends to participate as a bidder. Atallah added that the court would ultimately decide which proposal for the future of Ssense was best.
As a participant announced Bof, Atallah also announced another round of discharge in the meeting. These are added to the 100 job cancellations that were already initiated at the beginning of the year. After the meeting, Ssense has employees: temporarily on the inside. This enables the company to avoid severance payments at short notice.
The employees concerned received applications for unemployment insurance, the Canadian form of unemployment benefit. Some of them could be stopped again in the coming months if the company considered this sensible. Those who are finally released receive a severance payment.
The news comes shortly after the Canadian company received approval for a protective shield procedure according to the Companies’ Creditors Arrangement Act (CCAA). This form of creditor protection prevents a sale from the creditors: inside. Ssense was granted an interim financing of $ 40 million (around 36.80 million euros) in order to cope with the increasing debt.
Ssense had applied for bankruptcy proceedings for the first time at the end of August. The company cited the changed trade policy in the United States as the reason for the financial difficulties. The customs increase introduced by the Trump government by 25 percent and the end of the DE-Minimis exhaustion were highlighted in the application as key factors. This regulation made it possible to introduce low value to the USA.
Fashionunited asked Ssense for a statement.
This article was used with digital tools translated.
Fashionunited uses artificial intelligence to accelerate the translation of articles and improve the end result. They help us make the international reporting of fashionunited a German -speaking readership quickly and comprehensively accessible. Articles that have been translated using AI-based tools are read and carefully edited by our editor: Correcting inside before they are published. If you have any questions or comments, please contact me by email to [email protected]