Morgan calls in administrators
Morgan calls in administrators
Wednesday 31st December 2008
French women's fashion store Morgan has entered administration – becoming the first major French retail victim of the global slowdown.The retailer saw a nine per cent fall in sales over 2008 - putting its 575 outlets around the world, including 33 in the UK, at risk.
The firm expects to find a seller, but it had been up for sale for all of 2008.
Morgan was looking to renegotiate its €30 million debt before entering administration.
The firm was established in Paris in the 1960s by Odette Barouch and Jocelyne Bismuth, whose families still own a 40 per cent stake in the firm.
Its models have include Carla Bruni, singer and wife of the French president.
In France, Chanel has also been hit by the slowdown, leading to zero per cent growth and an ending of temporary staff contracts.
In the UK, the long list of retailers facing administration is growing almost daily.
Most recently Scottish fashion chain USC and children's clothes specialist Adams are following national chains Zavvi, Woolworths, Whittard of Chelsea, The Officers Club and MFI, which have all recently gone into administration.
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