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Dutch Fashion Brand Mexx Declares Bankruptcy

Struggling Dutch fashion chain Mexx has gone bankrupt, but its stores will still be open in hopes of selling off stock and attracting a buyer.

On Thursday, an Amsterdam judge declared Mexx bankrupt and court appointed trustee Frits Kemp blamed poor economic conditions for the brand’s present position.

The company closed its flagship store in Amsterdam last year and shuttered its website despite growing demand for e-commerce.

Mexx has outlets in 50 countries, including 315 in Europe, and a workforce of 1,500 who will have to wait out the bankruptcy period to see if a buyer bites.

The company is currently owned by U.S.–based private equity firm The Gores Group. The brand was formerly owned by Liz Claiborne, but as part of a restructuring, Liz Claiborne sold the brand in 2011, though it retains a minority interest in the stores.