Another online fashion retailer bites the dust. Canada’s Ssense, known for its quirky editorial content and wide choice of small, edgy fashion brands, filed for bankruptcy protection this week after creditors tried to force a sale of the company.
It’s not clear how Montreal-based Ssense will survive. It sits on many unpaid bills to brands, and losses have reached such a level that lenders no longer believe in its future and now want their money back. Ssense’s collapse seems inevitable. So is that of its Italian loss-making peer Luisaviaroma, which filed for court protection under Italian insolvency law two weeks ago, seeking a temporary shield from creditors while it attempts to implement a strategic turnaround.
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