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          Widespread reports say Herz has taken a 12 percent stake in Escada, though neither Herz, nor.

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        3. Interest in the Escada assets.
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          Fashion failure

          A spokeswoman for the municipal court in the southern German city of Munich told the dpa news agency that Escada had filed for bankruptcy on Thursday.

          Insolvency became inevitable for the luxury women's fashion label after a rescue plan failed to find sufficient backing among investors.

          The emergency plan had called on bondholders to sacrifice more than half their investment to help the company obtain a 200-million-euro ($282 million) bank loan.

          By the time the approval deadline expired on Tuesday afternoon, only 46 percent of bondholders had agreed to the deal - far short of the 80 percent threshold required to secure Escada's short-term survival.

          Escada managers informed the company's 2,300 employees of the failure on Wednesday.

          Supervisory board chairman Reinhard Poellath told the Handelsblatt newspaper that the company planned to file for court protection in Munich on Thursday.

          From top to flop


          Escada was founded by Margaretha and Wolfgang Ley in Mun