Halfords NL Restarts with 45 Stores
VEENENDAAL, the Netherlands – The trustees handling the bankruptcy of Halfords NL have reached agreement with the Halfords franchisees on a restart of the Dutch retail chain selling bikes as well as bicycle and car P&A. The restart is with 45 stores while a further expansion is planned.
The Halfords franchisees own 28 stores and have agreed to take-over 17 Halfords outlets. Next to that they also bought the inventories from 9 other Halfords stores In addition, the franchisees have purchased a part of the former Veenendaal based Halfords HQ and distribution center. From here the strongly trimmed down central organization is to control the new Halfords NL franchising chain.
Possible expansion to 60 stores
Currently the trustees and the Halfords franchisees are engaged in talks about the sales a further 14 outlets. This will bring the new Halfords organization to a total of about 60 stores. Mid-January 2015 this is to be decided.
Since the start of the economic in 2008 Halfords NL saw its results going downhill. In that year the retail chain still operated over 150 outlets in Holland and Belgium. In that year the total turnover amounted about 100 million euro while the total bike sale was estimated at some 130,000 units.
According to the investigation by the trustees the Halfords turnover had dropped to 65 million euro in 2013 while 2014 saw a further drop. In these years the losses piled up from 1.3 million euro in 2012 to 6.6 million euro in 2013. Last year a further rise in losses resulted in the bankruptcy.