About 370 out of work as Dutch branch of shoe retailer Bristol files for bankruptcy

The Dutch branch of discount shoe retail chain Bristol filed for bankruptcy on Monday, according to Euro Shoe Group, the Belgian parent company of the fashion chain. The closure of the Dutch stores was already imminent, because a buyer had yet to be found. Some 370 people are now losing their jobs, but they will still receive their wages for the month of August.

Euro Shoe Group has been struggling with various economic problems since 2019. These include the aftermath of the coronavirus pandemic, increased rent, higher energy costs and the reduced purchasing power among consumers. At the end of May, the company applied for a form of deferment of payment in Belgium, which temporarily protected it from creditors.

"Since it became clear that there is no future for Bristol, we have done everything we can to end the story as neatly as possible, and today is the last stage in the Netherlands," explained Euro Shoe Group CEO Elise Vanaudenhove. "I would especially like to thank our people in the Netherlands for their years of dedication and wish them much success and happiness in their further careers and lives."

Bristol has recently organized a large sale, with plans to use the proceeds to pay off existing debt. Marketing executive Lore Vanaudenhove indicated at the end of July that these proceeds would not be enough to pay off all debts. As a result, Bristol's bankruptcy in the Netherlands was expected to be an automatic consequence, she said.

In Belgium, Euro Shoe Group found four buyers for a number of Belgian stores. French shoe chain Chaussea is taking over 62 Bristol stores and a number of employees from the head office. The other three parties, who were not named, are taking over a dozen retail outlets.

The bankruptcy has been filed with the court for the Oost-Brabant region. Dutch stores will remain open "to a limited extent" until a trustee has been appointed. The webshop has been closed in both the Netherlands and Belgium since last week.