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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
600 jobs Number of planned job losses
Announcement Date
30 June 2006
Employment effect (start)
Foreseen end date
Description
Women's fashion chain Morgan UK has closed its stores with the loss of 600 jobs. The chain, of 69 shops in Britain, which also ran about 40 franchises in the UK, was a private company holding a licence to run the UK side of the French-owned Morgan business. KPMG administrators were called in yesterday morning as the company failed to raise extra finance to pay rent and wages and the French parent company terminated the distribution agreement, gaining control of the stock. KPMG said the chain had run out of cash with sales crashing 19% over the past six months.
Sources
30 June 2006: The Guardian
Citation
Eurofound (2006), Morgan UK, Closure in United Kingdom, factsheet number 63718, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63718.
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