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The Dutch Blokker family has sold its loss-making retail company to current CEO Michiel Witteveen. This has been confirmed by Blokker Holding.
Buy-out
Since most of the holding’s chains have already been divested, Blokker and Big Bazar retail chains have also been on display since November last year. After 122 years, the family decided to throw in the towel. CEO Michiel Witteveen had to look for buyers. It is said that several takeover candidates popped up, but no agreement was reached. According to sources close to the company, this was partly due to Witteveen’s approach, writes De Telegraaf.
Now the CEO takes over both Blokker and Big Bazar by means of a buy-out. The deal concerns a total of 474 own stores and 77 franchise stores in the Netherlands, and 139 stores in Belgium and Luxembourg. The holding and Marskramer are also part of the proposed transaction.
“The Blokker family is optimistic about the sale of Blokker and Big Bazaar to Michiel Witteveen,” says the press release. “We trust him as the new owner. He is a passionate and motivated entrepreneur who has gained in-depth knowledge in the organization. We are pleased that this transaction will end the period of uncertainty for Blokker and Big Bazaar employees. The organization can now fully focus on the future.”
Financial details are not disclosed. Witteveen reportedly receives a “dowry” from the family of around 280 million euros. The real estate remains outside the sale. Through its investment company HB Capital, the Blokker family still manages around 20% of the properties. They can therefore recover a part of the dowry through rent.
