General
Belgian bankrupt outlet chain Mega World has not found a buyer after all: the bid of the only candidate, a German retailer, turned out not to be sufficient.
» Read more
Fashion
Topshop parent Arcadia has a prospective buyer: G-III Apparel, owner of Tommy Hilfiger and Guess among others, is said to be bidding for the bankrupt British fashion empire.
Belgian outlet chain Mega World is bankrupt: after the Court of Appeal decided on Monday morning that the retailer would not be protected against creditors, there was no other way out. 650 jobs will be lost.
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.
British fashion group Arcadia, mainly known from the brand Topshop, is bankrupt. The corona crisis turned out to be the final blow for the retailer. The bankruptcy could also have far-reaching consequences for Debenhams.
What will happen to Ellos, FNG's only remaining retail asset? The banks demand 200 million euros. Previous owner Nordic Capital starts arbitration because it now has a pack of worthless FNG shares.
FNG Holding is having serious financial difficulties. If the listed company does not find new resources, bankruptcy seems inevitable.
Court does not respond to Mega World's request for protection against creditors and appoints two provisional administrators. They are likely to prepare the company for bankruptcy.
Two real estate investors take over the bankrupt US department store chain JCPenney. They hope to secure the future of their indoor shopping centres, but this reasoning meets with a certain amount of scepticism...
Lingerie chain Hunkemöller hopes to enforce better conditions on the banks because its debt burden is too heavy. Due to the corona crisis, the retailer was even on the verge of bankruptcy.
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.
The oldest department store chain in the United States, Lord & Taylor, will not make it to its 200th anniversary. Six years short of that milestone, it failed to find new investors and had to close its 38 remaining stores.
Dutch retailer Hema has entered the Mexican market via a webshop. The opening of 200 physical stores - scheduled for this year - has been delayed due to the Covid-19 crisis.
French fashion chain Camaïeu has found a new owner to save the company: real estate group FIB from Bordeaux. However, the stores in Belgium, Luxembourg and Switzerland are not part of the deal.
Another turbulent week has delivered two more episodes to the saga about Belgian fashion retailer FNG. As an examining magistrate started a legal investigation, a former 'sibling' announced it wants to buy the Brantano chain.
British department store chain Debenhams is cutting another 2,500 jobs, on top of the already more than 1,500 layoffs this spring. The insolvent retailer is investigating its options for the future.
