Bankrupcy? No problem.

In a free market, those who grow their businesses responsibly and succeed are rewarded. At least that’s what we are taught in business schools.

In the Icelandic market those who borrow heavily, run their businesses irresponsibly and know the right people are rewarded.

Recently, Ardegi the limited company that owned the Icelandic franchises of fashion retailers Next and Noa Noa went bankrupt. A company named Arev N1 bought the stores from the bankrupt company for an undisclosed fee. The company’s stock of merchandise was bought by Arev N1 from Landsbankinn.

And now the owners of Ardegi have bough half of Arev N1 for an undisclosed fee.

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