Diesel USA Inc., the premium denim and accessory brand whose five-pocket pants dominated pop culture in the 1990s and early 2000s, filed for bankruptcy in Delaware Tuesday. The unit of Italy’s Diesel SpA blamed plummeting sales, a botched turnaround, pricey leases and unwavering landlords -- plus several instances of cyber fraud and theft.
Unlike some other retailers that have announced massive store closures, Diesel USA doesn’t plan to shutter. Instead, its court papers described a plan to restore the Diesel brand in the U.S., including opening new stores and retrofitting some old ones to make them cheaper to operate.. . . more