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Marc Ecko On Brink of Bankruptcy
Scrapper's Place —
... the company owes more than $100 million to Li & Fung, a global trading company that helps manufacture Marc Ecko's inventory. To make matters worse, Marc Ecko has defaulted on a term loan of more than $70 million from a syndicate led by commercial-lending giant CIT, sources said. Nevertheless, sources said Marc Ecko's executives and bankers alike have been lobbing phone calls to rivals, trying to unload the company's brands in exchange for cash and slashed its bloated expenses in half. source
“To Err Is Human…”
The Smoking Section —
... * Company headquarters are just ridiculous: “Having slashed its bloated expenses in half, Marc Ecko is desperately trying to lease out chunks of its 280,000-square-foot headquarters on West 23rd Street — which includes a half-size basketball court.” ...
MARC ECKO nears $200 MIL debt, company remains “confident”
STREET KNOWLEDGE MEDIA —
... Ecko may have to sell off some assets. Like many fashion outfits, the Marc Ecko brand took a hit during the past retail season. Sources say the company owes more than $100 million to Li & Fung, a global trading company that helps manufacture Marc Ecko products. He also also defaulted on a term loan of more than $70 million from a syndicate led by commercial-lending giant CIT and although he won forbearance on the loan, CIT will have to be paid by summer. ( Luxist ) An Ecko rep has confirmed the allegations and weighed in on the designer’s plans of action.“We’re pretty ...
Ecko Hanging on by a Thread, Drowning in Debt
STREET KNOWLEDGE MEDIA —
eckoupsidedown via NY Post Hip-hop clothing designer Marc Ecko — who famously bought Barry Bonds’ controversial record-breaking home-run ball and put an asterisk on it — is now in danger of being caught in a squeeze himself. Ecko has hired investment bank Peter J. Solomon to help refinance at least $170 million in debt owed to two key business partners, sources told The Post. With lenders scarce, sources say his empire may be dismantled as he sells off assets to pay creditors. After a disastrous holiday season that forced heavy markdowns at department stores including Macy’s — ...
