FRANKFURTGerman fashion company Steilmann SE jolted investors Thursday by saying it would file for insolvency less than five months after going public, a move that raises questions about its bank advisers and auditor.
The clothing maker, which focuses on women over 45, said late Wednesday recent developments and failed restructuring negotiations led to its financial problems.
In the course of its current business developments Steilmann SE is illiquid,” the company said in a brief disclosure.
Shares plummeted on the news and closed down 87% at 0.31.
Were shocked, especially considering how fast this went from IPO to insolvency, sa…
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