Dutch fashion retailer Mexx has filed for bankruptcy, but its stores in the Republic of Ireland and Northern Ireland will remain open for the time being with the aim of selling off stock and attracting a buyer.
Mexx is owned by US private equity firm Gores Group, which bought it from US fashion business Liz Claiborne in 2011. The men’s, women’s and kids’ business has three franchise stores and five shop-in-shops in Ireland, in addition to three franchise stores and 11 shop-in-shops in Northern Ireland.
Mexx closed its 61 stores in the rest of the UK in 2008, including stores on Oxford Street and Covent Garden in London, one in Edinburgh, and concessions. It has more than 300 stores worldwide.
The company blamed macroeconomic headwinds as the reason for its demise, which it said made it difficult to action its turnaround plan.
“We are deeply saddened by this turn of events,” said Julia Hansen, president and chief creative officer.
“The Mexx brand has a special place in the hearts of consumers globally and the response to the new collections has been so encouraging. However, the trading business has been challenged by the slowdown in orders and retail sales, particularly in Europe, with the impact of the Russian currency depreciation, the eastern European political unrest, and by promotional pricing pressure in Canada.
“We are now focused on the transition for our valued employees and industry partners. Mexx is a resilient name and offers a unique position in the market for effortless style.”
Mexx, which offers women’s coats at £125 and jersey dresses at £60, has more than 2,800 employees worldwide. It was founded in Amsterdam in 1986 when businessman Rattan Chadha combined his menswear brand Moustache and womenswear brand Emanuelle.