Norway Fashion Brand Moods Of Norway Filed For Bankruptcy Application

According to the world clothing shoes and hats net, Norway

brand

Declaration of bankruptcy application was announced.

"We have tried to reverse the situation, but in such extreme cases, we regret that our expedition is over," said Simen Staalnacke, a founder of Moods of Norway.

In 2002, Simen Staalnacke, Stefan Dahlkvist, Peder B rresen three created Moods of Norway, with bright colors and grotesque.

It is famous for its pink tractor and high price in the shop.

Brand relies on men's wear and fortune, and then gradually extended to women's wear and children's wear.

Hege of Badendyck, editor of fashion magazine Costume, said: "Moods of Norway is popular with variety and low-key clothing, and its iconic pink tractor logo is also very conspicuous."

Earlier this week, Sparebanken Sogn og Fjordane, the brand's host bank, refused to continue to provide loans to the company, and the last steps taken by Moods of Norway to raise new funds failed.

Last year, Norway clothing chain Varner acquiring company 25% stake, but the injection at that time failed to reverse the situation.

Moods of Norway believes that the international expansion of the company has caused tremendous pressure on profitability, resulting in declining performance.

Over the past few years, the company has opened more stores in Scandinavia and the United States, and there are 15 overseas stores in its prime.

In 2016, the company's losses amounted to 30 million kronor (about 25 million 440 thousand yuan), and the loss in 2017 is expected to expand further in Norway.

In 2012, the company hired George Santacroce, an industry veteran, to build the US business, and soon appointed Keanan Duffty as the design consultant.

George Santacroce worked in luxury department store Bergdorf Goodman, Aquascutum of London.

According to the bankruptcy documents, the bankruptcy was only directed against companies located in Norway, and the international business has not been affected.

Moods of Norway said in a statement that the apparel industry is struggling, with fierce competition and pressure on margins.

"The company has tried to cut costs, improve operational efficiency and further develop the brand, but unfortunately it failed to achieve the desired results."

Up to now, the company's 18 stores in Norway are still in operation, but many Norway media have pointed out that some stores have been closed.

100 employees in Stryn and Oslo offices will be laid off due to the bankruptcy. There is another saying that a total of 200 people are expected to be affected by the bankruptcy.

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