Frank and Oak filed for creditor protection for the second time in this decade, burdened by $71 million in total debt, intensifying its operational struggles.
Damien Siles highlighted that broader challenges for Frank and Oak stem from slow consumer spending patterns and stiff competition from online fast fashion outlets like Shein and Temu.
Despite facing significant financial hurdles and a demanding market, Frank and Oak prepares for restructuring while aiming to safeguard jobs and attract potential investors.
The company’s initial creditor protection filing was in June 2020, reflecting ongoing retail sector challenges exacerbated by the COVID-19 pandemic’s impact on non-essential stores.
#creditor-protection #sustainable-fashion #retail-challenges #covid-19-impact #online-fashion-competition
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