A first instance court in Athens on Monday lifted a temporary protection from creditors order for Folli Follie Group, a development expected to increase pressure on the beleaguered retailer and jewelry accessory maker.
A handful audits and investigations are underway over FF's financial data, extending even a decade back. Trading of the company's shares on the Athens Stock Exchange (ATHEX) has also been suspended since the summer.
A hearing on the primary motion for bankruptcy protection will be discussed by the same court in November.
In a related development, a subsidiary of FF USA, Links of London (LoL), filed a request for protection under article VII of the US federal bankruptcy code, in the Delaware district.