2023-10-22 15:01:06
The bankrupt retail chain Big Bazar is not making a restart. The curators announced this in a statement to staff.
According to the curators, only one party was interested in restarting the bargain chain. The trustees did not accept the offer because, according to them, the party did not want to pay enough money for Big Bazar’s remaining stocks.
The trustees explain to the employees that their most important task is to extract as much money as possible from the estate to pay creditors. As a result, they might not accept a proposal where a buyer would pay only a fraction of the original purchase value of all remaining items.
Other parties that reported to the curators in recent weeks did not want to continue with the stores but were only interested in the stock. No deal was concluded with these parties either because they offered too little money.
Curators sell leftover stock
The curators will now sell out the stock from the remaining Big Bazar stores in the coming period. “As usual with a bankruptcy sale, discounts will be given,” they say.
The court in Amsterdam declared Big Bazar bankrupt at the end of last month. The chain had been struggling with financial problems for some time and received more and more complaints regarding unpaid bills. Many shops were also closed by then.
Big Bazar made several attempts in the summer to save the company from collapse, through requests to have a debt expert appointed to put things in order. As a result, bankruptcy applications submitted by angry landlords and suppliers were repeatedly put on hold. But the rescue efforts failed.
Director Joost Konings of debt collection agency Invoeringsbedrijf, which speaks on behalf of several creditors of Big Bazar, says that it is “a shame” that no one has been found who was willing to pay a large sum of money for the Big Bazar brand. But according to him, it no longer really mattered for the smaller creditors. “Whatever money the trustees collect still goes to the tax authorities.”
Big Bazar had tens of millions of euros in debt and the tax authorities are always at the front of the queue for payments by curators following a bankruptcy.
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