Germany–based womenswear retailer and wholesaler Basler Fashion Gmbh went into self administration, following poor trading and a resulting lack of liquidity.
ERS was appointed as Agent to manage the retail/wholesale part of the business, including both Basler’s main brands (Basler and St Emile).
The initial phase of trading was conducted whilst a buyer was sought for the business. With no going concern buyer found the stores/business moved into full liquidation and were closed on a phased basis over a 7 month period.
In total 246 stores and 1272 wholesale partners were traded across 7 countries (Germany, US, France, UK, Canada, Australia, Spain).
In addition to managing the store operations, discount strategy and advertising campaign, ERS took full responsibility and accountability for:
The trading performance was considerably better than administrator expectations and company historic performances:
Aggressive management of the AR resulted in a higher return than forecast
80% of store staff were retained until the final store closures and no adverse publicity was received as a result of the liquidation.
The US business traded solvently through its existing partner (Bloomingdales), as ERS contract negotiations removed the original contract liability.