MQ, the Swedish fashion retailer filed for bankruptcy on Thursday, the company said, citing plunging sales because of the COVID-19 pandemic.
MQ had already been struggling in the face of a rapid transformation of the retail sector and last month filed for bankruptcy for the smaller of its two brands, Joy, and announced measures to minimise the impact on the group from the coronavirus crisis.
The company said its decision to file for bankruptcy is based on a significant decrease in sales in March and early April, as well expectations of longer-term impact on the consumer market even after the COVID-19 pandemic.
MQ’s online sales have not offset reduced sales in physical stores, it said, adding that it does not think it possible to obtain additional financing and that would discontinue plans for a previously announced rights issue. MQ had 159 physical stores in Sweden by the end of February.
