News has been released that Global Brands Group is close to administration, as Teneo Restructuring is lined up as likely administrator. The appointment could happen in coming days.
Hong-Kong listed, Global Brands Group International Holding Company owns 51% of Seven Global. David Beckham Ventures Limited, Beckham’s main holding company, offered to acquire the stake just four months ago.
The international arm also has assets in Fiorelli, the Italian handbag brand.
Other companies under the groups’ portfolio has either filed for bankruptcy protection or appointed insolvency practitioners.
Sky News reports more.