The Belgian branch of bargain chain Big Bazar is also teetering on the brink of bankruptcy. The owner remains optimistic, but the creditors are anything but optimistic. “They know how the chain ended up in the Netherlands,” says FD journalist Jens Cardinaels.
FD journalist Jens Cardinaels about possible bankruptcy of Belgian branch Big Bazar
3 min 13 sec
The company is not yet bankrupt, but the prospects are not good. Big Bazar Belgium seems to be well on its way to following its Dutch counterpart. The company’s owner has received court protection, keeping creditors at bay for now.
This means that owner Heerke Kooistra must come up with a rescue plan. If the court sees no merit in this, Big Bazar is also at risk of bankruptcy in Belgium, after the Netherlands, says Jens Cardinaels, retail editor at the FD.
At the beginning of this year, the owner began a new start with great dedication. But now only eight of the eleven Belgian stores are still open. Moreover, he must reorganize by order of the court.
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Creditors skeptical
Creditors are skeptical about Big Bazar’s chances, says Cardinaels. ‘They know how the chain ended up in the Netherlands.’ They mainly see the reorganization as a way to buy time. “It doesn’t look good.”
The store is not very popular in Belgium. ‘It’s not Action.’ Yet owner Kooistra remains hopeful about making the restart a success. Big Bazar suffered from ‘start-up problems’ after the store was disconnected from the Dutch branches. “We were without internet for four weeks,” says the owner.
But Cardinaels cannot say whether the company will suddenly become a success with an internet connection. ‘The company does not submit annual accounts. So it’s a waste of money.’
