Fashion goliath MS Mode declared bankrupt

The Dutch parts of fashion chain MS Mode was declared bankrupt by the court in Amsterdam on Thursday. Administrator Frits Kemp also announced that the 130 Dutch branches will be closed for the time being, ANP reports. Kemp announced earlier on Thursday that they've filed for bankruptcy as negotiations with involved bank, Rabobank, are not coming to an agreement on the sharing of costs. Benefits agency UWV is taking over the about 660 employees' salaries as the company has no money to pay it. Chances seem small for MS Mode to make a restart, especially now that the shops are closed. The shutdown of a bankrupt company makes it less attractive for potential buyers to continue with that company.