Parent company behind Bruna, Read Shop up for sale after COVID-19 debt settlement

The Brabant-based De Leeuw family is selling Audax, the long loss-making parent company of bookstore chains Bruna and Read Shop, after reaching settlements with the Dutch tax authority and the UWV that reduced its outstanding COVID-19 debts, Het Financieele Dagblad (FD) reports. The transaction is expected to be completed within days.

The buyer's identity has not been disclosed. A spokesperson for Audax said the company cannot name the new owner until the share transfer is complete. The sale has, for now, averted Audax's collapse. The company reportedly expects to return to profitable operations now that it is free of COVID-19 debts and has completed a series of major reorganizations.

According to Audax’s newly filed 2024 annual report and the FD's reporting, the sale follows agreements with the Belastingdienst, the Dutch tax authority, and the UWV, the agency handling employee insurance benefits, on the repayment of pandemic-era liabilities that had threatened the company’s survival.

Audax accumulated well over 32 million euros in debt to the Belastingdienst and 11 million euros to the UWV during the coronavirus pandemic. The company spent several years negotiating with both agencies to secure partial debt relief. In its 2022 annual report, the board warned that without what it described as “customized arrangements,” Audax would face serious liquidity problems.

An agreement with the Belastingdienst was reached last summer, followed by a settlement with the UWV in November. Under those deals, Audax is paying 1.7 million euros to the UWV this month and 6.7 million euros to the Belastingdienst.