ACTA GmbH, the company behind the Young Poets Society brand, is insolvent.
The preliminary insolvency administrator Wolf-Rüdiger von der Fecht confirmed to the specialist magazine Textilwirtschaft that insolvency proceedings were opened at the competent district court in Wuppertal. At the time of going to press, he had not responded to an inquiry from FashionUnited.
The company is trying to continue to assert itself in the textile market. The salaries of the 46 employees are paid by the insolvency money, Von der Fecht told the specialist magazine. The reason for the insolvency are large returns, which resulted in the insolvency of the Erkrath clothing supplier.
Streetwear brand Young Poets Society, which succeeded the earlier concept Tigha, is headed by managing director Asem Chaudhary. The company’s own e-commerce platform is currently still online.