Nanushka Has Closed All Its Stores and Is Negotiating with Investors and Creditors for Survival.
6 Articles
6 Articles
At the fashion company, which is supported by billions of state funds, salaries and severance payments are also delayed, while executives are trying to obtain new financing, but this is also complicated by an ownership dispute.
The Hungarian fashion company Nanushka, previously considered a success story, has fallen into a serious financial and operational crisis. It received plenty of state support for its success, but it seems to have been in vain.
Storm clouds are gathering over Nanushka, which was previously stuffed with serious state money. The post NER's favorite fashion company is in trouble, a Cayman Islands owner and Eximbank are visible in the background is first appeared on 24.hu.
Nanushka has closed all its stores and is struggling with serious financial problems after the end of state subsidies - The Hungarian brand, once a big name in the international fashion world, is now unable to pay its laid-off employees properly.
Nanushka Has Closed All Its Stores: Mass Layoffs and Billions in Debt at the Hungarian Fashion Brand
Hungarian fashion brand Nanushka is in a serious financial crisis after closing all of its own stores, reducing its workforce to 20, and facing months of delays in paying salaries and severance packages. Company executives have acknowledged liquidity problems, which are the result of billions in losses, accumulated debts and an acrimonious ownership dispute.
Business closures, layoffs, wage payment difficulties, a spiderweb-like corporate structure, businesses that are bankrupt or on the verge of bankruptcy at almost every point, losses of tens of billions, defaulted loans – this is what the Orbán government's favorite fashion company looks like now. Board member Péter Baldaszti and founder Szandra Sándor admitted to HVG that the problem is indeed big, but they are still working on getting financing…
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