Alain Hellebaut, CEO of toy chain Maxi Toys, has been appointed executive chair of FNG. Hellebaut thus takes over the responsibilities of resigning CEO Paul Lembrechts. In the meantime, he will also remain at the helm of the toy chain.
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Belgian 'fallen' fashion group FNG had its alarm bells go off recently: the shareholders of the fashion group had to convene because the group's net assets had fallen to less than half of the capital.
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The fallen Belgian fashion empire FNG has been given a (small) second life, with e-commerce company Ellos as the only remaining activity. The shareholders have agreed to the relaunch plan, in which the founding trio has been completely sidelined.
In addition to the three founders and some advisers, Belgian fashion group FNG itself is now also officially a suspect in its fraud case. The fashion group is trying a restart, but it is highly uncertain whether that will succeed.
FNG may keep the e-commerce platform Ellos (for now) after all: the fashion group, formerly also the owner of Brantano, is paying the disgruntled former owner Nordic Capital 100 million euros. Together they will ensure a relaunch.
FNG wants to avoid bankruptcy in order to restart its Swedish e-commerce company Ellos Group. "If the relaunch does not take place, there is a threat of value destruction," says CEO Paul Lembrechts.
Fashion brand Sonia Rykiel rises from its ashes: after the bankruptcy last year, two co-founders of Showroomprivé ensure a relaunch online. Physical stores will follow later.
The restructuring and insolvency proceedings at Galeria Karstadt Kaufhof have been completed. The German department store chain has had to shed as many as 4,000 jobs and 40 stores. But will that suffice?
Martijn Rozenboom has acquired five Dutch chains of the bankrupt FNG group. The Belgian stores, meanwhile, are still waiting for more news about their fate.
Just days after their Belgian counterparts, the Dutch constituents of FNG have also been declared bankrupt. According to the fashion group, its chains like Miss Etam, Expresso and Claudia Sträter will stand a better chance of a second life this way.
Annick van Overstraeten becomes top executive of the "new" Le Pain Quotidien. For ten years Van Overstraeten was CEO of Lunch Garden, now she has to take care of the restart of the bakery-restaurants.
The new year brings a new start for German fashion manufacturer Gerry Weber, which has been struggling with financial problems for some time.
The Belgian Veritas chain has found a new owner: Antwerp investment company CIM Capital. This move allows the retail chain to make a fresh start. In operational terms, nothing is to change for the time being.
The creditors of the fashion group Gerry Weber have almost unanimously approved an insolvency plan, therefore paving the way for a new start with new owners.
Gerry Weber's parent company is in suspension of payment. The German fashion chain wants to make a fresh start, but not before they've been thoroughly restructured. 230 stores will need to be closed, putting 900 jobs at risk.
Next year, Dutch fashion brand McGregor will be making a fresh start after its bankruptcy. Its second life will begin with a web shop, but physical stores and wholesale are to follow soon.