Loaded with debt and operating at a loss, Nanushka, backed by a Cayman Islands company, is racing towards bankruptcy with state billions behind it.

The Hungarian fashion brand Nanushka, once celebrated for its revival, is facing severe financial difficulties again. After a brief period of success supported by state funding, the company has seen a decline, leading to layoffs and delayed payments to remaining employees. The brand has closed all its stores globally, including its Budapest location, and is struggling with significant debts to partners and suppliers. Multiple enforcement proceedings have been initiated against Nanushka International Zrt., with 44 cases filed in recent years, indicating ongoing financial distress.