Tailoring specialist The Tailormates files for bankruptcy
today Nov 9, 2018
Amsterdam-based tailoring specialist The Tailormates has filed for bankruptcy. The retailer and the court administrator did not disclose any details on the cause of its failure.
According to Dutch financial news site RTL Z, the court administrator is currently researching options for enabling the relaunch of the retailer. Court administrator Su Chun Lin told the news site that several parties have shown an interest in a relaunch, however, the group does not include the current owner Ronald Gans.
The Tailormates launched in 2014 and received growth capital via two crowd funding campaigns. With the first campaign the retailer reached an investment of €50,000 to expand and improve its online activities. With the second campaign, The Tailormates achieved a growth injection of €75,000, which focused on the launch of its concept ‘Traveling Tailors’ and its rollout with a franchise formula.
In total, 183 people invested in the retailer via crowdfunding. According to RTL Z, the investors will not receive any rewards following the bankruptcy.
The Tailormates is known for its concepts to make suits accessible to more people. In September, the tailoring specialist launched a women’s department at its Zuidas store, which is located in the city’s business district. A few months earlier, in May, the retailer launched a monthly suit rental concept to make suits more affordable.
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