Major Dutch music retailer Bax Music saved from collapse by new investment deal
Bax Music, one of the largest retailers of musical instruments and equipment in Europe, will continue operations after its bankruptcy through a restart led by company founder and former director Jochanan Bax, along with investor Stijn Bakkeren.
The takeover was confirmed in an email from the court-appointed trustees to former employees, obtained by broadcaster Omroep Zeeland.
Bax Music was declared bankrupt in early April after struggling financially for some time. The company had previously requested a suspension of payments.
Founded in 2003 by brothers Nathanael and Jochanan Bax, the company became a major player in the European market for musical instruments and audio gear. However, Jochanan Bax was dismissed earlier this year following a dispute with the other shareholders. At the time, he was the sole member of the board of directors.
Just before the bankruptcy ruling, Bax stated publicly that he was prepared to relaunch the company if it went bankrupt. That plan has now moved forward.
According to the trustees’ email, Bax and Bakkeren are taking over the company and intend to retain the majority of staff. Prior to the bankruptcy, Bax Music employed about 300 people. Jochanan Bax could not be reached for comment Friday evening.
