×
79 582
Fashion Jobs
ATHLETA
Assistant General Manager - Broadway Plaza
Permanent · Walnut Creek
RAG & BONE
Sales Supervisor (Full -Time) - Woodbury Premium Outlets
Permanent · Woodbury
RAG & BONE
Account Executive, Women's Domestic Wholesale
Permanent · New York
OLD NAVY
Assistant General Manager, Merchandise - Gateway Hanover s/c (New Store)
Permanent · Hanover
OLD NAVY
General Manager - Gateway Hanover s/c (New Store)
Permanent · Hanover
OLD NAVY
General Manager - Tanasbourne t/c
Permanent · Beaverton
NIKE
Accounting Manager, Air Manufacturing Innovation (Air mi)
Permanent · Beaverton
NORDSTROM
Asset Protection - Agent - International Plaza
Permanent · Tampa
NORDSTROM
Asset Protection - Agent - Mall of America
Permanent · Bloomington
MARSHALLS
lp Detective-Marshfield, ma
Permanent · Marshfield
TJ MAXX
Loss Prevention Customer Service Associate
Permanent · Bedford
MARSHALLS
lp Detective-Canton, ma
Permanent · Canton
MARSHALLS
70118-lp Detective
Permanent · Dearborn
HOMEGOODS
Loss Prevention Detective
Permanent · Lombard
HOMEGOODS
Loss Prevention Customer Service Associate
Permanent · Albuquerque
TJ MAXX
Loss Prevention Detective Full Time
Permanent · Westminster
TJ MAXX
Loss Prevention Customer Service Associate
Permanent · Chelsea
MARSHALLS
lp Detective-South Weymouth, ma
Permanent · Weymouth
MARSHALLS
lp Detective-Brockton, ma
Permanent · Brockton
HOMEGOODS
Loss Prevention Detective
Permanent · Oak Lawn
MARSHALLS
lp Detective-Mashpee, ma
Permanent · Mashpee
TJ MAXX
Loss Prevention Detective Full Time
Permanent · Denver
By
Reuters API
Published
Mar 6, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Jeans maker Diesel USA files for bankruptcy

By
Reuters API
Published
Mar 6, 2019

Diesel USA Inc, the denim and accessory brand known for its jeans, filed for bankruptcy on Tuesday, blaming mounting losses, a sales plunge, expensive leases and cyber fraud.

Diesel Black Gold - Fall-Winter2018 - Menswear - Milan - © PixelFormula


The New York-based unit of Italy's Diesel SpA filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Delaware. Its parent is not part of the filing.

Diesel USA said it has been the sole distributor of Diesel products in the United States since its 1995 launch.

But it said it has not been spared in the recent downturn in the retail sector, having lost money for six straight years as annual sales plunged 53 percent, to $104 million. Theft and cyber fraud cost $1.2 million (910,677.7 pounds) over three years, it added.

In a court filing, Chief Restructuring Officer Mark Samson said Diesel USA has no plans to close, but intends to exit some of its 28 stores, where landlords' refusal to offer lease concessions has led to heavy losses.

He said the company's three-year business plan contemplates focusing on more profitable stores, improving its product lines and working with social media "influencers" to attract Millennials, "Generation Z" and other new customers.

A successful reorganization would enable Diesel USA to operate as an "iconic and profitable brand," Samson said.

Many other retailers have gone bankrupt in recent years as more consumers shop online.

Recent victims have included shoe chain Payless Inc, which said last month it will close its roughly 2,500 stores.

The Diesel USA bankruptcy followed a Feb. 13 announcement by Levi Strauss & Co, which invented blue jeans in 1873, that it plans to return to the U.S. stock market after a 34-year hiatus, through an initial public offering.

Diesel USA said it has $50 million to $100 million of assets, and $10 million to $50 million of liabilities.

The case is In re Diesel USA Inc, U.S. Bankruptcy Court, District of Delaware, No. 19-10432.

© Thomson Reuters 2022 All rights reserved.