Bankrutpcy administrators holding Big Bazar director liable for chain's collapse

The bankruptcy administrators are holding the director of Big Bazar liable for the retail chain’s collapse, the Financieele Dagblad reported based on the fifth bankruptcy report. The liability is not yet established because the director, Heerke Kooistra, still has the opportunity to defend himself.

Kooistra bought the chain in 2021. The Amsterdam court declared Big Bazar bankrupt last year after financial problems and increasing complaints about unpaid bills.

According to FD, the administrators’ move implies that they believe Kooistra made mistakes in the period leading up to the bankruptcy. He may be held liable for a deficit of around 45 million euros.

The bargain retailer blamed its financial woes on sharp price increases causing customers to spend less. Several attempts were made to prevent the chain’s collapse, including closing many loss-making stores. But bankruptcy requests submitted by angry landlords and suppliers continued to mount, and in September 2023, the Amsterdam court officially declared Big Bazar bankrupt.

At the time of the bankruptcy, Big Bazar had around 1,300 employees at over 100 stores.