Clothing company FNG, the company behind Miss Etam and Steps, among others, has filed for bankruptcy. The stores in the Netherlands will remain open for the time being. This is reported by a spokesperson for the Belgian group.

The cause of the bankruptcy is financial problems that FNG has had for some time. It recently became clear that banks were unwilling to extend additional credit to help the group meet its payment obligations.

"The board of directors of FNG International Holding NV and that of the majority of its subsidiaries therefore felt compelled to file for bankruptcy," reports management.

Bankruptcy has not been filed for all business units. For the Dutch parts, a postponement of payment has been requested. The Dutch stores will therefore remain open for the time being, pending a solution.

The spokesperson cannot say at this time what consequences this will have for staff in the Netherlands. The company is also active in Sweden. These activities will continue as usual.

Dozens of stores in the Netherlands

According to its own website, FNG has more than five hundred stores, of which dozens are located in the Netherlands. The group's total workforce consists of some three thousand employees.

In addition to Miss Etam and Steps, Brantano, Promiss and Claudia Sträter are also part of the FNG portfolio.

The company announced last month that it wanted to cut 287 jobs and close 50 stores to cut costs. It turned out not to be enough to avert bankruptcy.