The board of directors of FNG International Holding and the majority of its subsidiaries, including Brantano, have declared bankruptcy, the fashion group said in a statement on Thursday.
The news was announced to the unions during an extraordinary works council. In difficulty for several months, FNG, which employs more than 1,000 workers, has seen banks denounce several loans and block the accounts of certain companies in the fashion group, explains the latter.
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 for the current loan. The board of directors were therefore forced to declare bankruptcy. It was also decided to apply a moratorium for a series of Dutch companies. No insolvency proceedings were requested for the parent company FNG SA and the Swedish activities of the group “, specifies the latter.
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