The shareholders meeting of Belgian fashion group FNG ended abruptly on Wednesday morning: CEO Paul Lembrechts resigned after his remuneration was rejected. The future of the company is now highly uncertain.
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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.
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Dutch shoe store chain vanHaren (part of the German Deichmann group) has announced more details about its partial acquisition of Brantano. Just forty stores will reopen, staff is not included in the acquisition.
German shoe group Deichmann has acquired 43 of the over 100 stores of bankrupt shoe chain Brantano, saving 300 jobs in the process. The saved stores will join Deichmann's Dutch vanHaren brand, which quadruples its presence in Belgium.
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.
The end game has begun for FNG: seven candidates would be interested in acquiring parts of the Belgian fashion group, which has reopened its stores in order to clear the current stocks.
Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend.
Belgian fashion group FNG has filed for bankruptcy, as it was unable to find investors in time. The bankruptcy does not involve all of FNG's activities, however: the Dutch branch asks for protection against creditors, the Scandinavian branch is completely unaffected.
Fashion Group FNG, which owns retail brands Brantano and Miss Etam amongst others, is protected against its creditors for three months. This was decided by court after examining the retailer’s reorganisation application for a week.
Ailing fashion group FNG (Brantano, Miss Etam) rearranges its board of directors. Former Flemish television boss Paul Lembrechts becomes CEO ad interim.
Belgian fashion group FNG (owning brands like Brantano and Miss Etam) wants to reorganise its Belgian activities using the judicial reorganisation procedure. 47 stores will be closed, a quarter of all jobs in Belgium are at risk.
Belgian fashion group FNG has had an abysmal 2019, and the Covid-ridden 2020 promises to be even worse. A tough recovery plan seems highly necessary.
Fashion group FNG (Brantano, Miss Etam, ...) has appointed Yves Pollé as its new Chief Executive Officer ad interim. He has to help the Belgian group to implement its recovery plan.
For the third time in two months, FNG has asked to delay repayment to its bond holders. The Belgian fashion group is in dire straits due to an aggressive acquisition policy, and already had its shares suspended.
Belgian fashion group FNG wants to delay payments of interests and debts of its bonds, causing concerns and speculations as its CEO Dieter Penninckx has suddenly left as well.
Belgian fashion group FNG (Brantano, CKS, Miss Etam, Steps, ...) fears the coronavirus and its consequences will have a lasting impact on its activities. Not only have its stores closed completely, but now its online turnover is also decreasing.