Folli

Financially troubled jewelry and fashion accessories firm Folli Follie has confirmed it is looking to sell jewelry subsidiary Links of London.

Links has filed for bankruptcy in the United States but continues to operate.

Folli Follie is seeking 60 million euros for all its stake in Links of London, but markert insiders believe the real value is between 10 and 20 million euros.

Greek jewellery maker Folli Follie has mandated Deloitte and Savigny Partners to look into the possible sale of its UK-based jeweller Links of London, it said on Monday.

The Koutsolioutsos family, the main (but not majority) owners of jewelry and fashion accessories company Folli Follie, want to use the September 10 company shareholders' meeting to absolve them of any responsibility for the financial collapse of the company.

Some 14 months after Gabriel Grego and his fund, Quintessential Capital Management (QCM), exposed the goings-on at troubled Greek jewelry maker and retailer Folli Follie, leading to the suspension of trading in the latter's stock and hurting many investors and funds, the same fund is back in the spotlight, this time blowing the whistle on an Italian firm.

Greece's Folli Follie overstated its 2017 revenue by more than 1 billion euros, an audit by PwC showed on Tuesday, as the jeweller reported a rescue plan proposed by bondholders had collapsed.
Folli instead presented an alternative restructuring proposal for creditors and said it expected court ratification of it by June 2020.

Jewellery maker Folli Follie has launched a revised proposal to secure consent from its creditors on its restructuring and secure its viability, the troubled Greek company said on Tuesday.

Troubled jewelry company Folli Follie announced on Tuesday that Georgios Tzilivakis assumed the position of human resources director at FF Group last Monday, following the recent resignation of Athena Vlachou.

Greek jewellery maker Folli Follie is in talks with three bondholders hoping to firm up a restructuring plan "within days", a senior company source told Reuters on Friday.
The step is key for the company, which has debt of about 430 million euros due this year and in 2021, to avoid collapse.

Greek jewellery maker Folli Follie's board of directors has approved a restructuring plan backed by a group of bondholders, the company said in a bourse filing on Thursday.

Greek jewellery maker Folli Follie has appointed a new chief financial officer as the troubled company seeks to overhaul its business after an accounting misconduct scandal.

George Samios, who holds a degree in banking, finance and risk management assumed the CFO role on Jan. 9, Folli said in a bourse filing late on Wednesday.