The two Dutch shoe companies Theo Henkelman and Only A Shoes had to file for bankruptcy in the wake of the insolvency of part of the Belgian fashion firm FNG Group. The bankruptcy proceedings started on Aug. 10 for the two Dutch units. The administrator in charge of managing the insolvency is Kees van de Meent from the Florent law firm in Amsterdam.
Theo Henkelman is a trading company specializing in footwear that FNG Group took over from its founder and managing director, Theo Henkelman, in 2018.
The bankruptcy filing in the Netherlands comes after some 20 Belgian companies of the FNG Group previously filed for insolvency on Aug. 3, including FNG Group, FNG Holding, Brantano SA, CKS Brand Stores, FNG International, Fred & Ginger Retail, Claudia Sträter, Van Hassels. The administrators appointed by a court in Mechelen, Belgium, are Geert van Deyck, Marc Joris, Nick Peeters and Annelies Hellemans. In a statement, the company said that the parent company FNG SA and the group’s Swedish activities are not concerned by the procedure. Last year, the group bought Ellos, a Swedish e-commerce leader in fashion and home furnishings in the Nordic region.
FNG Group operates about 370 stores in Belgium and the Netherlands, including the shoe chains Brantano, Miss Etam and Claudia Sträter. The bankruptcy is estimated to put at risk more than 1,400 people in the Netherlands and around 1,400 in Belgium.
Over the past months, FNG SA explored various solutions to save the businesses. The main objective was to arrange a sustainable financing thanks to the help of the banks and other means. But, the banks declined to provide further financing and blocked the group’s bank accounts. The group also pointed out that the main creditor of its unit FNG International Holding did not agree to a moratorium on an existing loan.