Fashion store company FNG, mother of fashion chains such as Miss Etam, Brantano and Steps, has been declared bankrupt in Belgium. It is still unclear what the consequences will be for the stores.
There are eight Miss Etam branches in Overijssel, including two in Zwolle. A store is also located in Almelo, Deventer, Enschede, Hardenberg, Hengelo and Rijssen.
The company had been struggling with financial problems for some time, which were made worse by the lockdown measures against the corona virus. In the Netherlands, the company filed for Chapter 11 bankruptcy last week.
The corporate court in Mechelen appointed four bankruptcy trustees. They will now examine whether a restart of the entire company or parts is possible and in what form. A spokesperson for FNG had announced after the bankruptcy filing that the company’s stores would simply remain open. It is unclear whether this is happening now.
FNG hopes to be able to continue part of its activities in the Netherlands by not filing for bankruptcy. No bankruptcy or suspension of payments has been filed for the parent company of FNG and the Swedish activities, which mainly consist of the online seller Ellos, acquired last year.
More than three thousand people work at FNG, of whom about a thousand in Belgium. The exact consequences for the staff now need to be clarified later. In the Netherlands, the company already started a reorganization at the beginning of this year to focus more on online sales. All Promiss stores and a large number of the Steps stores closed and more than a hundred employees lost their jobs.