The Czech men’s fashion label Blazek has declared insolvency, admitting to owing money to more than 150 creditors. Having asked the court for permission to reorganize, it’s being reported that the company is looking for a strategic investor. While Blazek has taken advantage of the current moratorium on debts, this hasn’t been enough to save the company. “Although the debtor’s financial status was partially stabilized through the emergency moratorium program, the situation didn’t improve enough to enable it to completely overcome its insolvency situation,” wrote the company in its court filing. Blazek operates 24 stores across the Czech Republic, employing 132 people and an additional 8 stores in Slovakia. Blazek Praha declared sales of CZK 455.4 million in 2019 but made a loss of CZK 27 million. That followed a 2018 in which its profits rose to CZK 7.2 million.
