Closed is in the clear. After filing bankruptcy proceedings in August, the German denim brand’s two-month investor process has come to an end. Fashion executives Dieter Holzer and the Böck family—sole shareholder of contemporary lifestyle label Marc O’Polo—are the new owners of Closed, SourcingJournal.com reported. “The investor consortium of the Böck and Holzer entrepreneurial families has presented a convincing offer and business concept,” said Stefan Denkhaus, the insolvency administrator.

A union representing workers at the Lindsey oil refinery has expressed “grave concerns” about efforts to preserve jobs and production at the site, The Independent reported. Unite said that it had been contacted by several bidders for the refinery in North Lincolnshire who want to protect jobs and ensure that the refinery continues to function, complaining they were not being allowed to lay out their proposals.

Birmingham City Council said that it was “progressing at pace” in tackling its equal pay problems amid the risk of “instability and potential insolvency,” Birmingham Live reported. The Labour-run authority is trying to recover from a financial crisis which saw it declare itself effectively bankrupt in September 2023. It triggered an unprecedented wave of cuts to services and ‘savings’ alongside hikes in council tax.

Orsted, the Danish renewable energy developer, said on Thursday that it would cut about 2,000 jobs, or around 25 percent of its work force, over the next two years, the New York Times reported. The move was the latest sign of the diminished prospects for offshore wind, a low-emissions technology that Orsted helped pioneer. “We’ll be saying goodbye to many skilled and valued colleagues,” Rasmus Errboe, Orsted’s chief executive, said in a statement.

A watershed moment for U.K. insolvency practices came in a recent ruling in the long-running Core VCT claim that is set to reshape engagement practices and risk management, according a commentary in The Times. Sitting in the High Court, Mr Justice Thompsell ruled that liquidators cannot contractually limit their liability as statutory officeholders. The case involves claims brought by three venture capital trusts and allegations that assets were transferred out of the funds at undervalue and in circumstances of conflict involving the investment manager.

German exports unexpectedly declined in August, hampered by weaker trade with other European nations and the uncertainty prompted by U.S. tariffs over the summer, the Wall Street Journal reported. Exports of goods fell 0.5% on month in August, while imports fell 1.3%, German statistics agency Destatis said Thursday. Exports of goods to other European Union countries dipped 2.5%, while to outside the bloc they increased 2.2%, the data showed. However, despite the U.S.

German industrial production slipped unexpectedly sharply in August, reflecting the impact of uncertainty prompted by rising U.S. tariffs on the sector, the Wall Street Journal reported. Output in factories in Europe’s largest economy sank 4.3% on month, Germany’s statistics agency Destatis said Wednesday. It came after a 1.3% rise in July, which was the first increase since March. Automotive production fell 18.5% on month, although some of that may be due to annual plant closures over the summer, Destatis said. Machinery and pharmaceutical output also led the overall trend downward.

Global financial markets could tumble if investors' mood sours on the prospects for artificial intelligence or the independence of the U.S. Federal Reserve, the Bank of England warned on Wednesday, Reuters reported. The BoE said that share price valuations on U.S. stock markets were similar to those seen near the peak of the dotcom bubble on some measures and noted that U.S. government bonds were vulnerable to any weakening in the Fed's credibility.