The board of directors of FNG International Holding and the majority of its subsidiaries, including Brantano, have declared bankruptcy, fashion group FNG said on Thursday.
In difficulty for several months, FNG, which employs more than 1,000 workers in Belgium, has seen banks denounce several loans and block the accounts of certain companies in the fashion group. One of these is the shoe store chain Brantano, which therefore no longer has the funds to continue operating.
“In addition, the main creditor of FNG International Holding SA did not agree to grant it a moratorium on the current loan. The board of directors was therefore forced to declare bankruptcy. It was also decided to apply a moratorium for a number of Dutch companies. No insolvency proceedings were requested for the parent company FNG SA and the Swedish activities of the group. “
FNG therefore hopes that this step does not mean the end of all of its activities.
The bankruptcy admissions concern Brantano (104 stores in Belgium) and Fred & Ginger (17 stores). The other brands (CKS, Etam, Steps, Ellos, etc.) are not currently affected. The group employs a total of 3,000 people worldwide. The court of Mechelen will look into the case on Friday.
On Thursday, the chain employees were in low spirits but tried to remain optimistic. “It’s a big blow for all colleagues but we try to stay positive and follow the evolution of the situation from day to day. We still hope to be saved” , confided yesterday the manager of a store in the capital.
It won’t be through Wouter Torfs. The manager of the footwear brand of the same name does not intend to take over all or part of Brantano “Thes discussions over the past few days have not been successful “, Mr. Torfs said.
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