Carven File for Bankruptcy
Carven has been placed in receivership by the Paris Commercial Court after filing for bankruptcy in order to remain in business.
Since the departure of Guillaume Henry, the brands creative director in 2014, the contemporary brand has suffered a series of blowbacks. The latest kick in the teeth, however was after the brand suffered a several million dollar set back due to an unexpected delay in the production of their SS18 collection. Having to cancel deliveries and orders, Carven lost significant amounts to their annual revenue and were forced to file for bankruptcy.
"Carven is in default on payments and will on Wednesday be asking to be placed under bankruptcy protection of the Paris commercial court via receivership procedures," a Carven spokesman told the Business of Fashion.
The French brand is currently trying to reorganise and establish a way to repay its creditors. The company, which dates back to 1945, employs 100 people and is currently looking for a new buyer. The brands annual sales plummeted to €20 million, half of that when previous boss Henry left the business, in 2017.