Business, Merchandise | The bag store chain Morris files for bankruptcy

Business, Merchandise | The bag store chain Morris files for bankruptcy
Business, Merchandise | The bag store chain Morris files for bankruptcy
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The case is updated.

The Swedish Rizzo Group is behind the bag store chain Morris with a total of 64 stores in Norway and Sweden.

The chain has one store in Bergen, at Vestkanten storsenter.

On Wednesday, the board of Rizzo Group AB decided to file for bankruptcy. They inform about this in a press release, first mentioned by E24.no.

The bankruptcy petition must be submitted to the Stockholm District Court.

The reason for the decision to file for bankruptcy is that Rizzo Group has not succeeded in raising enough funds to continue operating the business in the short term, they write.

They point out that in the long term there is a great strength in the products and services they offer in their stores in Norway and Sweden.

They state that they have sold assets and, together with various partners, have attempted to restructure the company in order to meet their obligations.

Most recently this week, they have been in negotiations to try to find a solution and save around 160 jobs.

– It is with great sadness that we unfortunately have to state that it is no longer possible. The company’s management and board have long struggled with both profitability and liquidity, but despite a heroic effort from both staff, suppliers and management, it is no longer possible to continue, says chairman Jonas Blomqvist in the press release.

– It is an incredibly sad decision, not least for our employees, suppliers and partners. There are many of us who have fought hard, says managing director Helena Morland of the Rizzo Group.

The article is in Norwegian

Norway

Tags: Business Merchandise bag store chain Morris files bankruptcy

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