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Retailer Morgan in administration
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by LotusFlower | December 31, 2008 at 04:59 am
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Morgan the French fashion retailer with stores around the globe has gone bust.
Morgan is the latest retail name to go under as a result of the financial downturn.
More retailers are expected to follow suit in the new year.
French women's clothing store chain Morgan has gone into administration, the latest retailer to be hit by the sharp fall in consumer spending.
The company, which expects to report a 9% decline in 2008 sales, said it still hoped to be able to sell the business.
UK private equity group Apax Partners owns 40% of Morgan, while the firm's founding families - Bismuth and Barouch - own another 40% between them.
Morgan has 575 stores in 57 countries and directly employs 1,000 staff.
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LotusFlower
Nottingham, United Kingdom
hidelafoglia
Shibuya, Tokyo, Japan
Most RecentMost Recommended Comments (1)
at 09:51 on December 31st, 2008
Morgan used to be one of my favourite clothing store but last season they really didn't come up with anything creative. Maybe that's another reason they're doing poorly right now. Nevertheless I'll probably head back there in the new year for discounts.