P.M. BRIEFING : Borg to Close Fashion Headquarters

Former Swedish tennis star Bjorn Borg will close the Monaco headquarters of his international business operation, the liquidator of his ailing fashion empire said today.

Peter Smedman, the liquidator called in to investigate the finances of Borg’s network of companies, said the Bjorn Borg Design Group in Monte Carlo will close within a few months and 10 employees will lose their jobs.

Borg, 33, announced last month that he would close the Scandinavian division of the clothing empire he built from cash and fame in tennis. He promised personally to meet the debts of the company, Bjorn Borg Invest AB.

The five-times Wimbledon winner earlier turned down a $4.6-million offer by a Swedish investment company to bail out his cash-strapped group, which has share capital of $6.3 million, because he did not want to surrender financial control.

The future of his international holding company Bjorn Borg Enterprises in the tax haven of Jersey, which also has interests in the United States and Asia, remains unclear. Borg is estimated to have a personal fortune of $100 million.