FRANCE - Apax-backed Morgan falls into administration

Morgan was initially founded in 1967 by Odette Barouch and Jocelyne Bismuth to sell lingerie in Paris. While previously largely anonymous, the late 1980s saw a rebranding that pushed the company into the fashion mainstream. Apax invested in the business in 1998 and holds a 40% stake, with a further 40% being held by the founding families and the balance by a number of private investors.

The business had been struggling under the stain of its EUR 30m debt, which it had been trying unsuccessfully to re-negotiate. The company is expected to announce a 9% drop in turnover for 2008 to around EUR 140m.

Morgan is present in around 50 countries with 500 shops worldwide as well as 210 concessions in Europe. The retailer has 1000 employees 750 of which are based in France.

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