Home » Business » Multiple Parties File for Bankruptcy against Big Bazar Bargain Chain | Latest Update and Claims Rise to 1.8 Million Euros

Multiple Parties File for Bankruptcy against Big Bazar Bargain Chain | Latest Update and Claims Rise to 1.8 Million Euros

By our economics editors

Aug 17, 2023 at 2:58 PM Update: 2 minutes ago

Another three parties want to file for bankruptcy for the Big Bazar bargain chain. This is reported by director Joost Konings of Invorderingsbedrijf Amsterdam, which is processing the applications.

The company previously applied to the court for the lessor of a retail property in Goes. The parties hope that Big Bazar will fulfill its payment obligations through the applications.

The new applications were not submitted by landlords, but by two suppliers and an employment agency. These parties hope to enforce the payment of a total of 180,000 euros.

The petitions will be submitted to the court of Amsterdam within a few days, says Konings.

Receivables have risen to 1.8 million euros

The total amount of claims known to him has now risen to more than 1.8 million euros. This includes interest and collection costs.

That money is not only collected by Collection Company Amsterdam. For example, Konings has consulted with two lawyers who represent two other creditors. This includes 550,000 euros in unpaid retail stocks.

The first application for the landlord of a retail property in Goes is interesting, because it concerns a relatively small amount of 20,000 euros to be claimed. If Big Bazar cannot pay that amount, the question is whether the company can pay the other bills.

Big Bazar calls requests a means of pressure

No one at the chain was available for comment on Thursday. However, owner Heerke Kooistra explained a few days ago that Big Bazar will close twenty loss-making stores and wants rent reductions for another twenty stores.

That would be necessary to keep the bargain chain with a total of 120 branches and 1400 employees “healthy”. At that time, the director of the chain also expressed his confidence that he would come to solutions with parties.

Kooistra also said that, in his opinion, the bankruptcy petition of the landlord from Goes had little chance of success. This would have been set up purely as a means of pressure to force him to pay and, according to Big Bazar, bankruptcy applications are not intended.

Restless for some time

It has been restless at the retail chain for several weeks. The chain has recently seen that customers buy less due to inflation. As a result, the company has problems paying the rent, among other things, and is at odds with various property owners. Some of them have gone to court. Last month, the court ruled that Big Bazar must close two branches.

Six landlords also recently decided to start a lawsuit against the retail company. They want to ask the judge to declare Big Bazar bankrupt. The case is scheduled for August 29.

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2023-08-17 15:16:00
#bankruptcy #filings #bargain #chain #Big #Bazar #Economy

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