Bagir loses survival fight, liquidator appointed
Tailoring specialist Bagir, which has been operating under court protection for several months, has given up the battle to continue and a liquidator has been appointed.
The company, which makes suits for both upscale and mass-market businesses in Europe and the US, said its initial trustees have “undertaken a careful assessment of” its options and have submitted their preliminary opinion to the court.
“Their recommendations, in light of the state of the company and the Covid-19 pandemic and its effects, is that the company should be liquidated under the court's supervision, its ongoing operations be restricted to the collection of debts and ad hoc transactions of finished products and products in its inventory, and that the company and/or its assets and/or activities, be sold in part or in full, through a public tender.”
It's a sad end for a business that only in February had reported improved trading and a strong order pipeline.
The company had faced challenging conditions for some time and was also derailed by the long running saga of its dealings with Shandong Ruyi. Back in 2017, it had announced that the Chinese group was to become its majority shareholder and help it expand. But the deal was constantly delayed and earlier this year, Bagir went to court alleging breach of contract.
Copyright © 2022 FashionNetwork.com All rights reserved.