© BELGIAN
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FNG will file for bankruptcy at the company court in Mechelen on Friday morning, the fashion group reported on Thursday evening. The restart that the company was working on turned out to be no longer possible because the proceeds from a sale or IPO of the sole business activity, the Swedish web store Ellos, is no longer sufficient to repay the creditors and make the restart possible.
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Source: BELGIAN
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Three companies will file for bankruptcy: FNG nv, FNG Finance Belgium bv and FNG Beheer NL bv, says a press release.
“As a result of, among other things, the worldwide decline in the valuation of the e-commerce sector, the proceeds of a possible IPO or a sale of the sole asset Ellos Group would meanwhile be significantly lower than what is needed to repay creditors and maintain the sustainable restart, which has been worked on since mid-2020.”
Waiting longer to file for bankruptcy would lead to additional arrivals, according to FNG, and there are currently no resources for this. Additional financing is also of no avail, it sounds.
After the bankruptcy of the Benelux activities, FNG only comprised Ellos.
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