Dutch retailer Blokker reportedly nearing bankruptcy; Will soon meet with 4,000 workers

Dutch retail chain Blokker will inform their staff of the company's current financial situation on Monday after it was reported late this week that the firm is close to bankruptcy. However, Blokker has not requested a deferment of payment at this time, said CEO Ynse Stapert of parent company Mirage Retail Group, countering what was reported by Quote on Friday.

That magazine cited unnamed sources who said that the company had decided to arrange for payment deferrals earlier this week. “All sales are continuing,” emphasized Stapert in a joint statement with Blokker CEO Pauline Boerman.

Blokker has over 400 stores and 4,000 employees in the Netherlands. The 128-year-old household goods chain has been making losses in recent years.

The company secured some breathing space in May as the result of an agreement about debt refinancing with the American creditor Gordon Brothers worth 35 million euros. However, the annual report released by Mirage Retail Group in August made it clear that Blokker was not yet out of turmoil.

The results generated by the retail chain fell short of expectations. Accountants from KPMG feared that Blokker would run into financial trouble if the situation were to continue in the autumn of 2024.

Mirage Retail Group would not have much left to hold it together if Blokker were to disappear. The retail group reported earlier this week that they are going to sell off toy store chain Intertoys. Last year, another subsidiary chain, electronics store BCC, also went bankrupt.

Mirage Retail Group also operates eight franchise stores from the Asian retail chain Miniso.