Polare bookstores to be sold off
Polare bookstores, who received an extension of payment last week Tuesday, will be sold per store or per group of stores, announced curator Kees van de Meent of Höcker law office Tuesday. Van de Meent came to that conclusion after intensive discussions with six parties, crucial in the survival of the chain bookstore. The stores were closed since late January, but will reopen Wednesday February 19.
In the meantime several parties, who have already expressed interest, will be invited to place their bids. Polare has been in financial trouble for a while now and opted to temporarily close all stores for a "strategic reorganization," according to a spokesperson. Negotiations with the ING and ABN Amro bank went well, but supplier CB (Central Book house) did not want to continue deliveries, because it assessed the risk too high, according to the spokesperson. The bookstore is € 21 million in debt. Polare is owned by the Dutch investment company, ProCures, who also owns Free Record Shop as of last year Summer. The chain bookstore employs 400 people. The curator evaluated whether the store, previously known as Selexyz and De Slegte, would be able to continue in its present form, but negotiations with the parties involved and the financial situations offered no such room.
