Michal Nagarin's fashion network is closing it's business

Michal Nagarin's network is closing - the company announced on Tuesday its 120 employees, who were given a layoff notice this morning. The company's factory in Bat Yam also closed. At this point the stores are still in stock and will continue to operate until they are sold.
In total, the company operates 22 stores abroad, in countries such as Russia, Croatia, Romania, the Netherlands, Hungary, France, Japan, Mexico, USA, Australia and China. There are currently 13 Michal Negrin stores in Israel, including 6 owned and 7 franchised stores.
In a statement to its employees, Michal Negrin, the designer and entrepreneur of the chain, said: "With great sorrow and great pain, we are forced to tell you that our path is over, and we are forced to close our life's work that we have invested our heart, soul and all our money into.
"I suppose you realized something was happening. We had to narrow down to one building, fired employees, thought we could make changes to the business and lead it to a better place, we took outside consultants that went into the depth of the beam, started a process that looked promising and correct - but unfortunately last week we realized the financial pit was much deeper than what That we thought, and we don't have the money and ability to continue to operate this whole array. "
Negrin also wrote that "all the private money we have accumulated over the years, tens of millions of shekels, has been invested in our business to continue to roll it out, with faith and hope in our life enterprise and our continued work here in the country, and serve as a source of livelihood for all of us. A choice, and there is no way out at the end of the company's path.
"It's a sad and awful day for us. Just as I'm sorry for myself, I'm sorry for you for losing your job. I apologize to all of you who tried to go with my dream and failed. I am sorry that this is how we get the start of the new year. My heart is crying, and the soul is not Finding a rest. "