Retail chain Blokker declared bankrupt; Stores to remain open for now
The Amsterdam court declared retail chain Blokker bankrupt on Wednesday. The physical stores will remain open until the end of the year, but shopping from the online store is no longer possible.
The 128-year-old company’s financial troubles have been ongoing, with tens of millions of euros in losses in recent years. Parent company Mirage Retail Group managed to secure 35 million euros in financing from American firm The Gordon Brothers earlier in 2024. While that created some breathing space, it was not enough to pull the company out of rough waters. Blokker applied for a deferment of payment last week.
The physical stores will remain open for the time being at the request of the bankruptcy administrators “with a view of a potential sale of (part of) Blokker,” the company told ANP.
Customers can still look at Blokker’s assortment online but will have to go to a physical store to buy something. Customers who placed an order before the online store shut down and got confirmation of delivery will receive their order. The chain is still accepting its own gift cards, but customers can’t make any returns.
A brief statement from the Amsterdam District Court confirmed the retail chain was declared bankrupt on Wednesday morning. The two administrators appointed to handle the process will continue as the bankruptcy curators. “Blokker cannot pay creditors now, nor in the future,” the court said.
“The Court has found that there is no prospect that the debtor will be able to satisfy its creditors over time, and that the debtor is in a state where it has ceased to pay,” the ruling stated. A judge has to approve the settlement of any claims against Blokker at least for the next two months.
The company has around 4,000 employees working in its 400 retail locations. These are often in storefronts on prominent shopping streets, in city centers, and also in shopping centers.
It is the latest in a series of setbacks for the Mirage Retail Group. The company’s electronics chain, BCC, went bust a year ago, with about a thousand people losing their jobs. Late in October, the parent company was also forced to sell off Intertoys in an attempt to shore up its finances.
