Face value The wrong trousers

摘要

For a woman who is used to wearing the trousers as well as making and selling them, these must be hard times. On June nth Linda Wachner had to watch Warnaco, the clothing group that she has run for the past 15 years, file for bankruptcy protection with debts of $3.1 billion, some 30% more than the value of its assets. The company, famous for making Calvin Klein jeans, Speedo swimwear and lingerie, is now in the hands of a "chief restructuring officer" and a banking consortium that has provided $6oom of new money.