Dec 30, 2008
French clothes firm Morgan in administration
Dec 30, 2008
PARIS, Dec 30 (Reuters) - French women's clothing company Morgan has gone into administration, a company spokesman said on Tuesday, as the global financial crisis continues to hit the luxury goods and retail sectors.
Morgan collection fall-winter 2008/2009
Morgan said it was expecting a 9 percent fall in sales for 2008 as a result of the global economic slowdown. The company employs 1,000 staff, with 750 based in France.
Private equity firm Apax Partners owns around 40 percent of Morgan, while founding families Bismuth and Barouch together hold a 40 percent stake. The remaining 20 percent is held by various private investors.
The Morgan spokesman said the company was still working on a possible sale of the business. The sale process began at the start of the year.
Luxury firm Chanel, meanwhile, planned to end temporary contracts from Wednesday, affecting some 200 staff. A "significant decline in business at Chanel" had led to zero growth this year, France's CGT union said on Monday.
A spokeswoman for Chanel declined to comment. (Reporting by Jean-Baptiste Vey and James Regan; Editing by Mike Nesbit)
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