According to Escada president Bruno Saelzer, the German luxury label is in a critical situation, reports Vogue.co.uk.
The fashion house has put together a repayment plan to present to its creditors, which is basically the company’s final hope of survival.
Currently, the brand has the means to stay afloat until August, however if no solution materializes, business will have to come to a screeching halt.
Escada was founded in Germany during the 1970s.