The apparel retailer was founded in 1818 and has dressed presidents from Abraham Lincoln to Barack Obama. It is know owned by Italian businessmen Claudio del Vecchio.
The Hong Kong-listed apparel retailer filed for Protective Shield Proceedings for six German subsidiaries last March.
The Swedish giant reported a pre-tax loss of 6.5 billion crowns ($685 million), against a year-ago 5.9 billion profit. The group is going to increase the pace of closures with around 170 gross closures this year.
All economic news of the key fashion companies worldwide.