FNG says that the restructuring is necessary in to ensure company’s future. As part of the restructuring plan 30 Brantano, Boutik by Brantano and Concept Fashion stores will close. FNG also intends to close all 17 of its Fred and Ginger stores.
The plan also involves a restructuring at FNG’s headquarters in Mechelen (Antwerp province). It is likely that no jobs will be lost at FNG’s distribution centre at Erembodegem (East Flanders).
FNG’s temporary CEO Yves Pollé told VRT News that "We understand that this announcement will have hit our employees hard. These measures are difficult and painful, but they are necessary in order to find new financial means for the company and to be able to confront current and future challenges”.
In order to give it time to negotiate a recovery FNG will ask to Commercial Court in Mechelen for a number of its subsidiaries (including Brantano) to be granted temporary protection from creditors.