Clothes chain Moss Copenhagen has gone bankrupt, but survives with new management and new owners. All the 12 stores in the chain continues.
”No one will be laid off because of reconstruction. We’re going back to the roots, where we focus on what we are really good at: Clothes for girls”, says new CEO, Anders Freund.
In a letter to press and customers, Anders Freund puts the blame on the previous owner Michael Hvornum.
”The reason for bankruptcy is that Moss Copenhagen was founded by a talented and dynamic entrepreneur who not early enough employed a management to get a grip on the economy and the overall business. Additionally, the focus was too much on projects that had nothing to do with the core business to do. So despite a very healthy operation of all stores, Moss Copenhagen has created a large deficit.”
The debt to the creditors, including banks and taxes, was over 50 million DKK.
Anders Freund says the major creditors can see that there is some substance in the business, but once the creditors have received their money, it is planned to put up Moss Copenhagen for sale.
”We have full focus to win back what we’ve lost – propriety is a core value for us in the new management,” says Anders Freund.