Administrators FNG want to undo Ellos sale

Another episode in the saga of Belgian FNG‘s bankruptcy: its administrators now try to secure an acquisition fee for Swedish e-commerce platform Ellos, or – failing that – the cancellation of the sale.

Ellos broke camel’s back

In an attempt to secure more money for FNG’s creditors, which are still owed some 350 million euros, the administrators have taken another look at Nordic Capital‘s acquisition of Ellos for the symbolic sum of one euro. Quick reminder: in 2019, Belgian fashion group FNG was still hugely ambitious and it bought Ellos from Nordic Capital for the princely sum of 229 million euros in order to secure further geographical expansion.