Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Clothing brand Moods of Norway declared bankruptcy on 20 September 2017, resulting in the dismissal of all 200 employees. The company has struggled financially for some time, following a largely failed international expansion. Moods of Norway will close its headquarters in Stryn and Oslo, and has already closed its 18 stores around the country.
International employees are so far (formally) not affected, as the brand is organised in separate companies. Trustee Asbjørn Løvik has confirmed that other companies have shown some interest in the estate, but it is yet to be determined whether the stores will reopen and if some employees can be retained under new ownership.
Updated, 08/10/2017: Moods of Norway's estate, as well as subsidiaries in Sweden and the US, and clothing store chain Brandstad, has been bought by a group of investors comprised of key individuals and board members in Moods of Norway, including Jan Egil Flo and Simen Staalnacke. The future of the company remains uncertain. A closing sale will be held this fall while investors seek to secure additional capital. All employees at the company's headquarters and storage facilities in Styn, who have not yet found new jobs, will be offered their old positions back at least temporarily. Cuts will likely be made at the design, sales and marketing divisions located in Oslo and several stores are likely to be closed permanently, even if the company stays in business.
Eurofound (2017), Moods of Norway, Bankruptcy in Norway, factsheet number 92035, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/92035.
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