Dutchman Martijn Rozenboom, who helped save FNG in the Benelux from bankruptcy in July, buys FNG Netherlands. FNG Netherlands confirms the news of The standard about that. It is a striking conclusion, because ABN Amro torpedoed the rescue attempt in July. Deichmann announces that its 43 Belgian (ex-Brantano) stores will not restart until 1 February.
–
Rozenboom buys FNG’s 180 stores in the Netherlands, which operates the Miss Etam, Expresso and Claudia Sträter retail formulas. He may already reach an agreement with the trustee today. FNG Nederland employs 1,500 people. All FNG stores in the Netherlands are open by the way.
It is striking that Rozenboom becomes the buyer of FNG Nederland. He was one of the entrepreneurs in the consortium that FNG founder Dieter Penninckx rallied in an ultimate effort to save FNG from destruction in July. Rozenboom and partners wanted to take over the Benelux branch for 1 euro and also pay an unknown amount to the banks for the takeover of the outstanding bank debt. That should have enabled the banks to recover several tens of millions.
FNG itself saw the proposal as a valid solution, but the banks refused to talk to the consortium. The Dutch bank ABN Amro refused to talk to Rozenboom, let alone work. The banks refused to receive the consortium for an interview and blocked all bank accounts, after which the Benelux organization was declared bankrupt. In addition to ABN Amro, this concerned BNP Paribas Fortis, ING and Belfius.
Controversial decision
For the four banks, the choice of bankruptcy has turned out to be a controversial mistake. It costs them money and at least 1,000 jobs were lost. The banks do not feel compelled to defend their decision. “We are not talking about individual files,” said Max Jadot, CEO of BNP Paribas Fortis, recently.
Certainly at FNG Belgium there is total destruction of value. The textile division of FNG (Cks, Fred & Ginger, …) went to Claes Retail Group for a low price, while the stocks alone were worth at least 5 to 7 million euros and the trademark rights also had value. Of all the clothing stores, only seven city stores of Cks go through, in addition to fourteen shopping corners in a Galeria Inno.
Brantano will not restart until 1 February
The loss of value and job losses is also unprecedented at Brantano. Deichmann takes over 43 properties. The other Brantano stores and the city stores of FNG are now on sale. It concerns more than 90 properties. The shop interior of a Brantano can be purchased for 15,000 euros, while in many buildings the lighting alone cost many times over.
Of the 1,400 jobs at FNG in Belgium, it is already clear that more than 1,000 will be lost. Deichmann announced in a press release this morning that it wants to work with as many Brantano employees as possible for the 43 stores it is taking over from Brantano. The 43 stores would not open their doors until February 1.
Not a test piece
The agreement between Rozenboom and the Dutch curator Kees Van de Meent was signed this morning. Rose tree can therefore call itself owner. The expectation is that he will subsequently talk to landlords, suppliers and trade unions about adjustments. Rozenboom would be planning to entrust the management of FNG Nederland to the current management team around Richard Turk.
Rozenboom has bought retail stores that have fallen before. On his LinkedIn profile, he describes himself as someone who is looking for problem companies. In cases such as the relaunch of the bankrupt McGregor, critics accused him of behaving like an ‘asset stripper’ rather than a savior of companies and jobs. Rozenboom himself said that McGregor could not be saved in his then complex form.
– .
