French Fashion Brand MORGAN Enters Bankruptcy Procedure
Morgan, the famous French clothing brand Morgan, entered bankruptcy protection procedures due to financial crisis. France's "Le Figaro" 30 revealed that Morgan Garment Group 24, announced the loss of payment capacity to the commercial court, the commercial court approved the group to enter the judicial protection procedures.
The rapid decline of the global garment market this year has seriously affected the performance of Morgan Garment Group. Its British branch, which originally brought 30 million euros of turnover to the group every year, was bankrupt. Even though the influence of the British market was eliminated, the turnover of Morgan's garment group still shrank by 9%.
Apax, a private equity fund holding 40% of Morgan, started looking for buyers early this year, but the negotiations ended in failure as the banks refused to budge on the 30 million euro debt problem. In addition, Morgan clothing group also has a lawsuit for interrupting commercial cooperation.
Morgan's clothing group was founded in 1968. In the 90s of last century, it was famous for its famous model Cara Bruni, lestia Costa and tennis star yyk Nuo A. As of June this year, it has more than 500 outlets and outlets in more than 50 countries and regions around the world.
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