FNG had built a reputation of doing a lot of take-overs, but as a result the debts accumulated. The company is reportedly facing a total debt of 700,000 euros, and the corona crisis only made things worse.
FNG has filed for bankruptcy in Belgium. More than 1,000 employees could lose their job in Belgium - FNG has a total of 3,000 employees mainly in Belgium, Sweden and the Netherlands - but parts of the company may be taken over, CEO Paul Lembrechts said. The management underlined that "various companies from Belgium and abroad" have shown their interest to acquire at least part of the group.