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G-Star reduces foreign store network

G-Star store
Shutterstock.com

Dutch fashion label G-Star is suffering due to the corona crisis: in the US and Australia the brand applied for creditor protection, in Sweden bankruptcy was declared. Yet the company claims to be financially healthy.

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Adjusted retail portfolio

G-Star's Australian division applied for creditor protection as early as May, the US subsidiary did so last week, and in Sweden the company was declared bankrupt last Monday. The difficulties are a consequence of the corona crisis, as a result of which the stores remained closed. Although most stores are now open again and the webshop is running at full speed, sales are still lagging behind.
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The brand now wants to restructure and reduce the number of foreign stores, writes newspaper FD: in the US 7 out of 31 stores would remain, in Australia and Sweden a restart is being investigated. The retailer is trying to negotiate lower rents. "Although we are a financially healthy company, these structural market changes require an adjusted retail portfolio in a number of regions," says a spokesperson. However, it is difficult to determine what the financial situation of the company really is: G-Star has its registered office in Curacao and does not have to publish annual figures. The company is still largely in the hands of founder Jos van Tilburg.

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