Unlimited Footwear Group BV in suspension of payment
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Business
The Dutch footwear company Unlimited Footwear Group B.V., which operates under the name The Heritage Footwear Company, has obtained a moratorium on payments according to the public insolvency register.
If a company is no longer able to pay its invoices, it can apply to the court for a moratorium. This means that the fashion company may suspend or, more precisely, postpone the payment of debts that are due. During the suspension of payments, the fashion company must try to solve its financial problems. This can be done, for example, through negotiations with creditors or through restructuring.
When ordering the suspension of payments, the court appoints an administrator. Once appointed, this administrator monitors the company's assets. If, for example, the company wishes to continue concluding contracts during the suspension of payments, it requires the administrator's authorisation to do so.
If the company does not succeed in solving its financial problems, bankruptcy is inevitable. In many cases, the suspension of payments ultimately leads to insolvency. In other words, suspension of payments is often the precursor to insolvency.
On 14 May, creditors will decide whether to approve a plan submitted by Unlimited Footwear Group. It is worth noting that its subsidiaries, including the footwear brands Nubikk and Rehab, are excluded from the suspension of payments.
At the time of publication of this article, the Unlimited Footwear Group website is still online, but the websites of all the group's brands, such as Bullboxer, Rehab, Nubikk, Gaastra, Braend and Supertrash, are currently not accessible.
The reasons for the temporary suspension are not yet known. A spokesperson for the Unlimited Footwear Group has so far declined to comment. The trustee Alberts has not yet issued a statement to FashionUnited.
Suspension of payments for Unlimited Footwear Group B.V.
The Unlimited Footwear Group designs, acquires and distributes shoes for men, women and children. The well-known company in the fashion industry has 13 brands in its portfolio, six of which are own brands. The Dutch footwear company also holds licences for eight well-known brands, including Gap, G-Star and Lyle & Scott, and has Levi's as a distribution brand in its portfolio.
The Unlimited Footwear Group has all facilities in-house, from design, production and marketing to sales and distribution. "Thanks to an experienced design team with an international reach, our shoes have a recognisable design signature with a characteristic eye for detail. We make sure that we include the latest fashion trends in our selection. Thanks to our exclusive production facilities, short delivery times are guaranteed. This mix of elements results in an affordable product in all segments and for all age groups," stated the firm's website.