News
Smoby shuts UK
Ronnie Dungan Apr 22 2008, 11:40am
The drawn-out conclusion of Smoby's troubles see UK the office go into liquidation.
Mazars of Bristol has been appointed to handle the firm's liquidation (0117 973 4481).
The closure follows the fim's very public decline which culminated in the arrest of erstwhile CEO Jean-Christophe Breuil following a criminal investigation alleging that he diverted funds through an extensive system of companies abroad.
Smoby filed for court bankruptcy protection in March 2007 in order to restructure its debt of around €270m.
It subsequently reached a takeover deal with MGA, preferring the US group's offer to rival proposals from Chinese toy maker Cornerstone and Smoby's creditors.
However, MGA was unable to handle the firm's sizeable debts and German firm Simba-Dickie took over the firm in March.
It has yet to confirm any plans for any sort of a UK presence for the brand.
