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German luxury business Strenesse files for insolvency

German luxury fashion company Strenesse - which used to dress the German footfall team at official events - has filed for insolvency.

The family-owned company is seeking to restructure itself as part of the insolvency proceedings. It had been struggling with finances but in February announced it had agreed a €12m (£9.8m) bond with creditors.

Lawyer Michael Pluta, who will act as chief restructuring officer, told Reuters: “We want to return Strenesse to profitability as soon as possible.”

Strenesse is mainly active in German-speaking countries, Italy, the US, Japan and Eastern Europe. It employs around 360 people and has seen sales drop to around €50m (£41m) from more than €100m (£82m) at its peak.

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