Fashion Retail Group (FRG), the company owned by businessmanOctavian Radu, which managed over ten fashion brands with15.7m-euro turnover in 2009, is set to enter bankruptcy, afterlenders approved the start of such proceedings, and Alpha Bank andanother 40 creditors have few chances or recouping 9.3m euros.
In 2009, FRG had a portfolio of at least ten brands, includingAldo, Debenhams, Mandarina Duck, Kipling, Olsen, Roeckl, FratelliRosetti or Sacoor Brothers, but at the moment it entered insolvency(July 2010), Aldo and Debenhams were no longer registered on thiscompany, so that they are not involved in the bankruptcy. As amatter of fact, FRG no longer operates any store and has given upthe franchise for brands such as Olsen or Mandarina Duck.
"Creditors voted for the start of bankruptcy proceedings, as thecompany stands no reorganisation chances. The proceedings will beopened at the next hearing, in September," lawyer Vasile Godâncă,senior partner with Casa de Insolvenţă Transilvania (CITR), FRG'slegal administrator, told ZF.
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