Blažek, famous Czech brand for menswear, has filed for insolvency. The company registers more than 150 creditors for a total debt of almost 87 million CZK.
As iHNED.cz reports, the company’s founder is considering the entry of a new investor.
The company became insolvent from the forced closure of stores during the first and second waves of the epidemic. Like many retailers, Blažek was already struggling with the shift to online shopping even before the pandemic struck this spring.
The company benefited from an extraordinary moratorium, which partially stabilized its situation, but even then it was unable to meet its financial obligations.
Blažek Prague reported a net turnover of 455 million CZK last year and currently employs 132 people. According to the official website, Blažek has 21 stores in the Czech Republic and 8 in Slovakia.
Twice a year, they launch new collections, which are offered exclusively in its own network of branded stores.
Blažek offers clothing for work, social occasions, and leisure time. In addition to suits, shirts, ties, coats, and jackets, the brand offers also pullovers, shirts, jeans, underwear and other accessories.
About the brand
Blažek was founded in 1992 by Ladislav Blažek who has fulfilled his dream of offering top-class men’s fashion.
“There was no culture of clothing here, it was the so-called ‘era of white socks’,“ said Blažek in an interview. So the firm concentrated on men’s fashion, where the situation was worse than in women’s fashion, there was less market competition, and the middle and upper-middle categories weren’t under siege from Asia.
The basis for the premium Blažek men’s suits is luxury fabrics including cashmere and wool, which the brand buys from suppliers in Italy, Germany, and France.
Blažek launches new collections twice a year.