The Swedish Rizzo Group has not been able to secure enough funds to continue the business.
Rizzo Group owns, among other things, Morris in Norway. Photo: Steinar Rostad Breivik / DAMP Published:
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The board of Rizzo Group AB has today decided to file for bankruptcy, they state in a press release on Wednesday. The bankruptcy petition will be submitted to the Stockholm District Court.
Rizzo Group owns, among other things, the Norwegian suitcase chain Morris. According to the chain’s own website, they have 41 stores in Norway.
The reason for the decision is that Rizzo Group has not been able to secure sufficient liquid funds to continue the business in the short term.
The company states that it has sold assets and, together with various partners in the market, has tried to restructure the company in order to fulfill its obligations.
As recently as this week, they have been conducting negotiations with the aim of finding a solution to save the company and save around 160 jobs, they write in the press release.
– It is an incredibly sad decision, not least for our employees, our suppliers and partners. Many of us have fought hard, says Helena Morland, CEO of Rizzo Group.
The company applied for bankruptcy protection for the second time back in 2021. The decision to apply for bankruptcy protection at that time was, among other things, a severe loss of turnover resulting from restrictions in connection with the corona pandemic. The first time was in 2019, when the company was called Venue Retail Group.
Rizzo Group has a total of 59 stores in Sweden and Norway. The business is run through the wholly owned Rizzo and Morris chains, and is headquartered in Stockholm.
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