Germany’s Strenesse acquired by Maeg Holding

Collapsed German fashion chain Strenesse has been bought by Amsterdam-based holding Maeg, according to a statement released on Tuesday.

Chairman Gerd Strehle said in a press release that the acquisition lays a strong financial foundation for international growth and the creation of a consistent brand identity.

Maeg, a newly formed private investors group, has taken over the business and its 240 employees.

Strenesse filed for bankruptcy in 2014 and has been operating under self-administration since. According to the label, profitability has been “significantly improved” and orders for the Fall/Winter 2016 collection and summer ranges have increased noticeably.