The Munich-based company, once one of the world’s biggest fashion brands, german fashion company Escada AG said it will probably file for bankruptcy protection Thursday. Escada operates 182 of its own shops and 225 franchise shops in more than 60 countries, employing about 2,300 people.
Source: Forbes, AP
General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker.
G.M. said that the deal would save about 3,000 jobs in the United States, including those at its 153 domestic dealerships, and that Hummer would remain based in the United States.
Source: NY Times
President Barack Obama said General Motors Corp. will reemerge from financial turmoil a “strong company” and that permitting it and Chrysler LLC to collapse could have triggered an economic depression.
GM got $4 billion in additional assistance to continue operations. Chrysler is reorganizing in a Chapter 11 bankruptcy.
Source: Bloomberg
According to EETimes: “Spansion Inc., the world’s largest NOR flash supplier, has filed for bankruptcy amid growing anger among former employees at the company.”
“Last week, there were reports that the company would cut 3,000 jobs, or about 35 percent of its workforce, over time, industry sources said. Despite layoffs and losses, Spansion reinstated full pay for many of its executives. This angered employees who were impacted by the layoffs. ”Spansion’s ex-employees are outraged on how the company handles layoff in the U.S. None of the U.S. employees got any advanced notices or severance or medical benefit extension,” said one former employee.”
According to CNN Money: “Bankruptcy filings by American consumers increased nearly a third in 2008, according to a new report.
The American Bankruptcy Institute said overall consumer filings rose to 1.06 million in 2008, compared with 801,840 during 2007. The ABI based its study on data from the National Bankruptcy Research Center.”
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