Etam Group declares bankruptcy

Dutch fashion company Etam Group Retail has declared bankruptcy. The announcement comes weeks after the group filed for court protection from creditors, but it seems as if the end result was inevitable.

In a statement the group revealed that bankruptcy appeared to be unavoidable when the company was unable to pay its creditors after the suspension period. The directors and appointed administrators, Pierre van Voorst and Martijn Vermeeren, were then required by law to ask the court of the Hague to file for bankruptcy.

Negotiations for the Group's restart continue, with van Voorst and Vermeeren being named curators for the company. The curators noted that several parties have already shown interest in the group and submitted bids, but declined to reveal details until a new owner has been selected. Miss Etam and Promiss stores, as well as outlet stores, the online store, distribution center and head office will remain open until then.

Suppliers of Miss Etam and Promiss can submit their claim against the bankrupt company to the curators through Crediteurenlijst.nl. However, the Court of The Hague has also declared 'a cooling off' period of two months, which would halter suppliers in the near future from exercising any of their rights to the contents.