Dutch high street fashion chain Mexx has been declared bankrupt, and is the latest retailer to go under because of the economic downturn.

Mexx has outlets in 50 countries, including 315 in Europe. This total includes many franchises and store-within-stores, the Financieele Dagblad says. Last year, the company closed its flagship store in Amsterdam.

Despite the bankruptcy, the stores will remain open, allowing stock to be sold and to encourage takeover candidates, the paper says.

Mexx has a workforce of 1,500, including 500 in the Netherlands. The official receiver is looking into the option of a restart.

Mexx was launched by Rattan Cadha in 1986. He later sold the group to American fashion group Liz Claiborne. In 2011, The Gores Group bought an 82% stake for €85m.