Swedish online fashion trade magazine Habit is reporting new district court documents which reveal the extent of Footway Group’s debt problems. According to the publication, updated figures suggest that inventories have fallen to SEK 437 million and documents from the district court show that Footway is unable to pay its overdue debts.
The publication further reports that documents submitted to the district court suggest that the company plans an additional share issue totaling SEK 100 million to be carried out in Dec. 2023.
Footway Group announced its voluntary company reorganization on July 25, 2023, citing excessively high inventory levels throughout the value chain and subsequent aggressive pricing and a high level of sales and campaigns in the market.
