New owners to close another 60 Intertoys stores

The new owners of toy store chain Intertoys are closing another 60 branches, the company said on Thursday. A total of 150 stores will close, and the group will continue with over 230 stores, around 100 of which are franchises, NU.nl reports.

Intertoys previously announced that at least 91 branches will close after the acquisition by Portuguese investor Green Swan. Now another 60 stores turned out to be unprofitable, or the landlord refused to renew the lease. A spokesperson for the group told NU.nl that it is possible that a number of these 60 stores may still be included in the restart - this is the maximum number of closures, he stressed.

The toy chain was declared bankrupt by the court in Amsterdam on February 21st. Intertoys has been struggling with declining sales for years, partly due to growth of online stores and discounters.

A sale has been ongoing in the 90 branches that are definitely closing since March 9th. The new owners now report that a sale will be held in all 150 closing stores until mid-May.