Clothing chains Brandstad and Wagner goes bankrupt

clothesIllustration.Clothes.Photo: Norway Today Media

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A total of 30 stores and 170 employees are affected after clothing chains Brandstad and Wagner in Norway went bankrupt on Wednesday.

It was E24 that first reported the bankruptcy, after the company that runs the clothing chains, Wagno AS announced an auction.

A company press release stated  that the coronavirus and subsequent store closures “have had a serious adverse effect on the operational and financial performance of Wagno AS”.

“As a consequence, the board of directors of Wagno AS has filed for bankruptcy under Norwegian law. Based on the petition, Wagno AS has been declared bankrupt by a court in Oslo,” the statement added.

The trustee in charge administering the bankruptcy, Schult Ulriksen said work is underway to ensure continued operations. The hope is that someone buys the estate or all or part of the inventory.

© NTB Scanpix / #Norway Today

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