Troubled tailoring specialist Bagir Group is assessing its options as it said the coronavirus crisis means it has "insufficient cash resources available" and undermined its ability to continue as a going concern.
Sources have said that Chinese luxury clothing conglomerate Shandong Ruyi hasn't yet secured financing for its $600m purchase of Swiss luxury brand Bally, despite two years having passed since the deal was done.
It seems Bagir is losing patience. The tailoring specialist has been waiting several years now for an investment by Shandong Ruyi to complete and with no sign of that happening, it's taking action for breach of contract.
London-listed tailoring specialist Bagir on Wednesday reported higher sales for the first five months of the year and also updated the markets on its delayed deal with Shandong Ruyi, which is still expected to go ahead.