Frasers Group is nearing a takeover of troubled Norwegian sportswear retailer XXL ASA, having secured over 92% of its share capital and 90% of voting shares. Despite this, Frasers has issued stark warnings, emphasizing XXL's "significant distress" and uncertainty about its rescue.

Frasers stated that saving XXL, which operates 85 stores across Norway, Sweden, and Finland and employs over 4,000 people, will require collaborative effort from all stakeholders. The Sports Direct owner expressed concern that XXL's financial position has deteriorated, partly due to a lack of support from major shareholders who previously turned down Frasers' earlier offers to help stabilise the business. They state that “there is no guarantee that XXL can be saved in its current form or at all.”

Read more in Retail Gazette

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Clark, the German insurtech, is cutting around 20% of its workforce in Germany, primarily in the IT departments at its Berlin and Frankfurt offices. These layoffs, announced in late May, are described as necessary restructuring and mark the company’s first major internal cost-cutting move. 

These cuts are not officially tied to an IPO or financing round, though the company is reportedly seeking €100 million in funding with Deutsche Bank. Clark, which exited Austria in 2023 via a management buyout, had a profitable 2023 and grew revenue by 35% to over €135 million. Recent leadership changes - including a new CEO and CPO/CTO - signal broader strategic shifts as Clark aims for sustainable growth in their competitive market.

Reported here in AbfindungsHero

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Zomato's parent company, Eternal, has begun the liquidation process for its Netherlands subsidiary, Zomato Netherlands. This move effectively closes down nearly all of Zomato's international operations, as the subsidiary had no active business and generated no turnover in FY24. The liquidation is expected to be completed within a year and will not impact Eternal's revenue. 

Zomato’s bid to take food delivery international was not successful and has resulted in a trend of Zomato discontinuing its international ventures since 2021. This includes ceasing operations in Portugal, Czech Republic, Slovakia, Singapore, UAE and Australia, to focus on its successful business in India, which achieved profitability in FY24.

More details here.

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After over a year in receivership, French hydrogen mobility startup Hopium has received court approval for its recovery plan, officially pivoting from luxury hydrogen cars to supplying modular fuel cells for heavy-duty sectors. This decisive shift abandons the failed Machina sedan project, with the company now focusing on 100–400kW fuel cell systems for applications in trucking, maritime, and aerospace.

With a reduced team and cost structure, Hopium plans for full market re-entry by 2028, estimating €30 million in fresh funding needs. The company aims for its upcoming 100kW and 200kW stacks to be significantly smaller and lighter than competitors, a key differentiator for mobility. This strategic refocus aligns Hopium with industrial demand, prioritizing hydrogen tech for emission-intensive industries and reinforcing France's domestic hydrogen development.

Source: https://fuelcellsworks.com/2025/03/26/fuel-cells/hopium-clears-bankruptcy-shifts-gears-from-luxury-hydrogen-cars-to-fuel-cell-systems-for-heavy-transport

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Technicolor Creative Studios UK is set to file for administration, while several French subsidiaries face receivership, amid severe financial strain. The iconic VFX firm, known for work on Harry Potter, Mufasa: The Lion King, and Mission Impossible, cites post-COVID struggles, costly corporate separation, and the Hollywood writers’ strike as causes. U.S. offices of The Mill, MPC Advertising, and Mikros Animation are shutting down, with over 10,000 global jobs potentially affected. Despite recent award nominations and high-profile projects, the company failed to secure new investment or a buyer. Operations in France may continue under receivership, pending acquisition plans. 

This marks another blow after years of restructuring, a 2020 bankruptcy filing, and the 2021 sale of Technicolor Post to Streamland Media. Interim CEO Caroline Parot was appointed in 2023 as the company attempted yet another relaunch of its creative brands.

Full article here

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