After the Dutch branches went bankrupt last year, Big Bazar is now in danger of going under in Belgium.
The court granted Big Bazar, which still has eight branches in Belgium, protection from creditors two weeks ago. The bargain chain must now draw up a rescue plan and reach an agreement with creditors. The reorganization plan must also be submitted to the court. There is a chance that, after two previous store closures, even more Belgian branches will close. If the court cancels the plans for the rescue operation, the chain will still go bankrupt.
Dutch scenario
The current state of affairs follows the Dutch scenario, but on a smaller scale. Big Bazar owner Heerke Kooistra was granted a stay of execution several times last year, including through an appeal to the WHOA (Act Homologation Private Agreement), which allows the judge to approve a private agreement between the company and creditors, but the necessary restructuring did not materialize sufficiently. the ground. Ultimately, the 105 stores had to close, leaving millions in debt to creditors and the tax authorities.
A creditor in Belgium indicates to the FD that he has not been paid for months. He fears that Big Bazar is now only trying to buy time. It is not known how high the debt burden has risen in Belgium.
Blokker estate
Big Bazar was included in the Blokker estate when it was sold to Mirage Retail Group. Mirage in turn sold the bargain chain to entrepreneur Heerke Kooistra in 2021. Although there is no threat of bankruptcy for Blokker, the household chain of yesteryear has been in the red for years. With the recent lending from the American ‘retail savior’ Gordon Brothers, Blokker can at least move forward for a while.
Tags: Big Bazar Belgium Netherlands ..
