Known for their splendid hues, kooky plans, in-store pink tractors, and significant expenses, Moods of Norway had been unbeneficial for as far back as scarcely any years and piled on misfortunes of NOK 30 million of every 2016. As indicated by the message sent by the organization to the Oslo Stock Exchange this week, accounts finished up to August of the year kept on demonstrating a horrible showing.
Mind-sets of Norway’s bank, Sparebanken Sogn og Fjordane, put a stop on further credit for the organization. From that point forward, final desperate attempts to raise working capital have not been fruitful. The organization accused the ongoing presentation for their global development endeavors, which included opening stores somewhere else in Scandinavia and in the USA. Yet, the chapter 11 filings just allude to the Norway-based organization, so the global business stays unaffected until further notice.
In an announcement, Moods of Norway said the apparel business is extreme, with hard challenge and weight on edges. “The organization has attempted to reduce expenses and make activities progressively proficient, and to build up the brand. This has shockingly not had the ideal impacts.”
Stores ought to likewise stay open for now, in spite of the fact that there were reports today in the Norwegian media that a few stores are shut. Around 100 occupations are in danger across Norway.
The looming liquidation finishes the excursion for Moods of Norway, who were intense, lively, at the end of the day fruitless. They will be best associated with giving the authority casual wear and evening wear for the Norwegian Olympic and Paralympic groups for London 2012, and a considerable lot of the proper outfits for Norwegian skiing crews.