Buyer found for bankrupt retailer Blokker, but uncertainty remains for 3,500 workers

The insolvency negotiators representing Blokker in its bankruptcy have found a buyer for the troubled Dutch retail chain. In a statement released on Monday, the curators refused to disclose the identity of the buyer who will likely take on the brand and online sales portal at the very least. That buyer aims to "rebuild the Blokker formula in the coming period and to work together with the approximately 45 franchise branches," the curators said.

When the 128-year-old retailer was declared bankrupt last month, the company had over 3,500 employees, an online shop, and about 400 brick-and-mortar stores. Of these outlets, 45 are independently-owned franchises which were not included in the bankruptcy.

In the comping weeks, the new buyer will have to further negotiate with those franchisees. They will also have to make an attempt to cut a deal with the landlords where Blokker stores are currently located. "This could take a few months," the curators said.

At least for now, the liquidation of assets at the Blokker stores will continue, with all stores set to permanently close by the end of December 31. About a hundred of these shops have already shut down as they no longer have inventory.

"Most store employees will work their last day for Blokker on December 31, 2024," they also stated. These people will be kept informed by the curators of an initiative to guide them to a new job in collaboration with labor unions.

Blokker's debt levels worsened significantly during the Covid-19 pandemic, when the retail outlets were only to allowed to remain open in a limited capacity due to government measures to reduce the spread of the coronavirus. A difficult deal with financial firm Gordon Brothers put the company in a troubling bind as credit lines were dependent on the inventory at hand.

The Belastingdienst, the national tax office, has priority over all other creditors. They are owed approximately 26.2 million euros. Gordon Brothers is owned roughly 26.7 million euros, and had placed a lien on movable property. The company is also expected to owe a significant amount to the UWV social benefits agency, and has tens of millions of euros in debt owed to other parties.