Free Record Shop restart is possible | RetailDetail

Free Record Shop restart is possible

Free Record Shop restart is possible

Free Record Shop's 36 Dutch stores can remain open, because several parties have shown an interest in a restart, according to curator Rob Boers who expects a decision by next week.

All stores or slimmed down

One of the parties is apparently interested in a restart with all stores intact. Another scenario is one where Free Record Shop slims down, according to NOS. It remains unclear whether a restart is actually possible. "It is a collection of a lot of facts and questions", curator Boers said.

 

It would also seem that ProCures, Free Record Shop's owner, has done some questionable things according to the bankruptcy reports. Right before the first bankruptcy, the company apparently withdrew one million euro from the chain. The company had bought the Belgian subsidiaries and the Game Mania stores for a symbolic euro, even though they had more than 7 million euro of cash, according to RTL Nieuws.

 

ProCures asks for no investigation

The curators tried to revert the transaction after the first bankruptcy and succeeded in June 2013, but in the few months that ProCures owned the Belgian stores, it withdrew 1.2 million euro from these stores.

 

The curators wished to investigate the transaction, but decided not to when ProCures turned out to be the only interested party in part of the bankrupted chain. Its one condition was that the 1.2 million euro was not to be investigated. To assure a restart, the curators agreed.

 

"Money went the wrong direction"

Curator Borsboom regrets the fact that Free Record Shop now has to shut down anyway. "You want the best for a company, but to make it a success, the owners have to invest energy and money, of which there was a lack. There are signs that the money went into the wrong direction", he told RTL Nieuws.

 

He feels the Belgian curator is the one to consider possible judicial steps to investigate the suspicious transactions "because the transactions were part of the Belgian companies which went bankrupt in November anyway".

Questions or comments? Please feel free to contact the editors


Smyths Toys acquires Toys ‘R’ Us in Central Europe

23/04/2018

Irish Smyths Toys has announced a deal with bankrupt toys giant Toys ‘R’ Us to take over all of its 93 stores in Germany, Austria and Switzerland. Financial details about the deal were not disclosed.

Stop overregulation blocking retailers delivering value for consumers

20/04/2018

(content provided by EuroCommerce) In an initial response to the Commission Communication: A European retail sector fit for the 21st century, published today, EuroCommerce approves of the Commission's stance against overregulation.

The Future Of Shopping wins Management Book of the Year award

20/04/2018

RetailDetail can proudly announce that “The Future of Shopping: Waar iedereen retailer is” (The Future of Shopping: where everyone is a retailer), written by Pauline Neerman and Jorg Snoeck, is 2018’s management book of the year.

100 million Prime subscribers for Amazon

19/04/2018

Ecommerce giant Amazon surpassed the 100 million Prime subscriber mark, just one of the many milestones CEO Jeff Bezos mentioned in his annual shareholder briefing.

Distributors and transport industry demand cleaner trucks

19/04/2018

35 companies, including Colruyt, Carrefour and Ikea have asked Europe to force truck manufacturers to lower their emissions 25 % by 2025. “Totally unrealistic”, the manufacturers’ spokesperson said.

JD.com to launch 1,000 stores per day

17/04/2018

JD.com has announced plans to open some 1,000 convenience stores per day across China. With this impressive target, the country’s second-largest e-commerce company is giving speed to its ambitions of expanding into the offline market.