Buyer of Bankrupt Fashion Chains to Sell Score Furniture

This article was last updated on July 25, 2023

Canada: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…

Summary:

The MFG Group, which recently acquired bankrupt fashion chains like McGregor, SuperTrash, Claudia Sträter, and Miss Etam, has announced its plans to sell the stocks of another troubled fashion chain, Score. However, MFG Group will not take over the Score brand or continue the collapsed retail chain. Instead, the company intends to dispose of Score’s clothing stocks and explore alternative strategies for the brand’s future.

Restart in a Different Form:

The bankrupt fashion chain Score, along with its sister brand Chasin’, faced financial difficulties in June, resulting in their bankruptcy. Both brands collectively had over 50 stores, an online shop, international sales outlets, and employed 450 individuals. However, the MFG Group’s recent acquisition of Score does not include taking over the brand or reviving the retail chain itself.

Disposing of Stock and Considering Alternatives:

The MFG Group’s primary focus is to sell Score’s current clothing stocks while exploring various options to reposition the brand. The company aims to find new ways of utilizing the Score assets and seeks to create a different, more successful future for the brand. However, this strategy will also involve the closure of some Score stores, as mentioned in a message to the staff.

“The coming weeks will be dominated by the reduction of stocks and, unfortunately, the closure of a number of stores,” stated the message sent to the Score staff. “This may offer a new opportunity for the future and the possibility to close another successful period together.”

Positive Outlook for Chasin’:

While the MFG Group is selling Score’s stocks, they have already found a buyer for the Chasin’ brand. The JOG Group, known for its ownership of popular denim retailer Jeans Centre, has taken over Chasin’ and plans to revive the brand under its management. This acquisition brings hope for the loyal customers and employees of Chasin’, as it signifies the continuation of the brand despite its recent bankruptcy.

The Fate of Score Furniture:

Although the MFG Group’s focus is primarily on the sale of Score’s clothing stocks, the fate of Score’s furniture division remains uncertain. Score also had a line of furniture, and it is unclear if the MFG Group plans to sell or continue this aspect of the brand.

MFG Group’s Track Record:

The MFG Group, led by entrepreneur Martijn Rozenboom, has a reputation for acquiring struggling fashion chains and attempting to turn them around. By taking over brands facing bankruptcy, the MFG Group aims to revitalize these businesses and leverage their existing assets to create new opportunities.

A New Opportunity:

The agreement between the MFG Group and the receiver presents a potential new opportunity for Score. While the retail chain itself may not continue, the sale of stocks and exploration of alternative strategies offer the chance to reimagine the brand and find success in a different form. The MFG Group’s track record of acquiring and reviving troubled fashion chains provides hope for Score’s future.

In Conclusion:

The MFG Group’s acquisition of bankrupt fashion chains continues with the purchase of Score. However, instead of taking over the brand or retail chain, the focus will be on selling Score’s current clothing stocks and exploring new strategies for the brand’s future. Meanwhile, Chasin’ has found a new owner in the JOG Group, ensuring a continuation of the brand. The fate of Score’s furniture division remains uncertain. Nevertheless, the agreement provides an opportunity to reimagine Score and potentially create a successful period for the brand.