The parent company of Miss Etam and Steps was declared bankrupt in Belgium on Monday. The fashion store company FNG was struggling with financial problems. In any case, FNG hopes to keep the stores in the Netherlands partially open.
Last week, FNG filed for Chapter 11 bankruptcy in the Netherlands. Then the chain reported that the Dutch shops will remain open for the time being, pending a solution. It is not yet entirely clear what the consequence of the bankruptcy will be for Dutch employees. FNG was not immediately available for comment.
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.
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.