McGregor Fashion Group is now debt-free

International fashion group McGregor has announced that from December 9, it will be operating free of any banks debts, as company shareholders have repaid the company's banking finance. "The transaction underscores the confidence our shareholders have in the strength of our McGregor and Gaastra brands and in our successful omni-channel strategy," said company Chief Executive Officer Jeroen Schothorst in a statement.

Chief Financial Officer, Hans Platschorre added: "Our company has succeeded in strengthening its balance sheet considerably over the past three years. This transaction brings that phase to a close and the company is now totally deleveraged and actually free of any bank debts. The fashion retail market is developing rapidly and requires further investment in ERP, infrastructure and marketing. The new financial structure increases the company's stability and gives it more financial means to achieve its objectives and to invest in further growth."

Head-quartered in Amsterdam, the Netherlands, the fashion group owns and controls lifestyle labels McGregor and Gaastra, which is sold in over 150 stand alone stores.

Photo credit: McGregor Facebook