Blokker suffers biggest loss ever; €344 million

Blokker Logo (photo: commons. (Blokker Logo (photo: commons.

Retailer Blokker Holding suffered the biggest loss in the company's history in 2017. The loss amounted to 344 million euros, nearly double the , NOS reports.

Blokker Holding's turnover fell by nearly 400 million euros to 1.6 billion euros last year. The company started 2017 off with a major reorganization, and attributes part of the turnover drop to , which formed part of Blokker Holding. But the Blokker stores themselves also did not see a growth in turnover.

"Fortunately at the end of the year, the trend seemed to be slowly breaking with revenue growth due to higher visitor numbers", CEO Michiel Witteveen said, according to the broadcaster. The group hopes that this recovery will continue this year.

Despite the losses, Blokker will continue with its reorganization for the time being. The company is assured of a 485 million euros credit until 2021, time Blokker Holding needs because it expects another loss suffering year this year. 

While Blokker stores struggled in 2017, its online sales increased by 25 percent. Online sales now account for 15 percent of the total turnover.