Insolvency for Dutch Halfords Retailchain
VEENENDAAL, The Netherlands – Halfords NL, which sells bikes as well as parts for bicycles and cars, has filed for insolvency. Halfords NL which operates completely independent from Halfords UK, has 102 wholly owned retail stores in The Netherlands.
The insolvency does not apply to 28 other outlets operated by independent entrepreneurs. The insolvency was requested at the Court by CEO and owner Peter Jan Stormmesand on October 7. The retailchain remains open for business until further notice.
The insolvency filing came as a complete surprise to the staff of 536. Curators are Rinke Dulack and Robbert Roeffen. It is said that the insolvency is caused by the bad economy and a pressured market because of Internet.
In a management buy-out CEO Peter Jan Stormmesand took over all Halfords shares end of June 2013. At that time Macintosh Retail Group had been trying to sell the Halfords format for almost two years. Macintosh Retail Group sold Halfords NL for one euro to Stormmesand and remained financially committed to Halfords which would be phased out.
Macintosh loans with security rights
Currently Halfords NL still owes 6.5 million euro to Macintosh Retail Group. The former owner of the retail chain said this in a press release that was published directly after Halfords made public to have filed for insolvency. Macintosh Retail Group also said that the loans have security rights. It means that suppliers that have receivables on Halfords NL are faced with problems of getting their money.