The 41-Year-Old Watch Giant is on the Verge of Bankruptcy
Not only in Turkey, but companies worldwide are in dire straits. The economic crisis is forcing even established brands and half-century-old companies to hoist the flag of bankruptcy one by one. Many firms are struggling due to the US customs tariffs, including a 41-year-old watch giant on the brink of bankruptcy. Fossil, a well-known watch brand in Turkey, has entered a restructuring process. The brand has filed for bankruptcy protection, requesting that the US recognize its restructuring process in the UK.
Companies around the world are facing tough times due to escalating economic issues.
The retail sector worldwide has been facing escalating financial difficulties since the outbreak of Covid19. The list of companies struggling with financial woes is growing day by day. The shutdowns that took place globally due to the coronavirus pandemic, coupled with the wars and tensions between countries, have only exacerbated the problems.
Companies are already grappling with rising inflation, high labor and product costs, and now, the recent increase in customs duties by US President Donald Trump has added a new economic challenge to the mix.
The titan of the clock industry for 41 years is on the brink of bankruptcy.
Fossil, the watch giant that recently gained popularity in Turkey, is teetering on the brink of bankruptcy. The wristwatch and accessory retailer, Fossil Global Services Ltd., has entered into a restructuring process in the UK. The company has sought bankruptcy protection by requesting this process to be legally recognized by the United States.
The indebted company presented its proposed restructuring plan to the court. Fossil aims to refinance its $150 million loan and $150 million unsecured bond.
The business of the famous watch brand has been impacted by Apple and Samsung.
According to a report on The Street, Fossil has been overshadowed by Apple and Samsung for the past decade. It was noted that the two tech giants have seized a significant share of the global watch and accessory market, leaving Fossil facing stiff competition.
The statement also highlighted a shift in consumer shopping preferences, with an increased demand for wearable technology.
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