The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Wearing Apparel 14.19 - Manufacture Of Other Wearing Apparel And Accessories
160 jobs Number of planned job losses
Announcement Date
3 April 2024
Employment effect (start)
10 April 2024
Foreseen end date
Description
The board of Swedish Rizzo Group, a retailer of bags and accessories, filed for bankruptcy on Wednesday 3 April 2024 and 160 people will lose their jobs. The bankruptcy application will be sent to the district court of Stockholm.
The reason for bankruptcy is that Rizzo Group has not secured the finances to continue operating. Leading figures and shareholders have continuously attempted to support the company, and tried to find suitable solutions. The company has sold assets and together with their partners restructure the company.
Rizzo Group's head quarters are located in Stockholm and the company is listed on Nasdaq. Rizzo Group employs a total of 160 full-time personnel in Sweden and Norway. Currently it has 59 stores in Norway and Sweden.
3 April 2024: Rizzo Group AB, Press release (news.cision.com)
Citation
Eurofound (2024), Rizzo Group, Bankruptcy in Sweden, factsheet number 201037, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201037.
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