Dutch fashion chain Witteveen bankrupt: report

Dutch women's fashion brand Witteveen was declared bankrupt, the Telegraaf reports. The 98 stores in the chain may not be open on Wednesday and the about 400 employees will be left on the streets, according tot he newspaper.

The bankruptcy came as a result of excessive outstanding taxes. According to the newspaper, the Tax Authorities requested the bankruptcy because the company would not hold to a payment scheme.

In June ABN Amro granted permission for Witteveen's debt to be converted into shared ownership. But the chain was declared bankrupt before this step could be implemented.