EMCC European Monitoring Centre on Change

FNG

Company/Organisation:
FNG

Geographic Location

Country: Netherlands

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.71 - Retail sale of clothing in specialised stores

Employment Effects

Announcement Date: 06-01-2020
Planned Job Reductions min: 184
Type of Restructuring: Closure

Additional Information

Fashion company FNG is closing all of its 14 Promiss stores and 38 of its 48 Steps stores in the Netherlands. FNG’s new strategy means a focus on the online sale of both brands instead of in-store sale. As a result, about 184 employees from both stores will be dismissed, while the remaining 50 employees can work in other stores of FNG like Mis Etam or Claudia Sträter. 

The company achieved a turnover of €512 million in 2018. The net profit rose from €7.3 million to €11.5 million that year.

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