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


Facebook launches its Marketplace in Europe

16/08/2017

In October 2016, Facebook launched a marketplace for used items in several countries, including the United Kingdom and the United States. That marketplace is now also coming to Belgium, the Netherlands and fifteen other European countries.

AS Adventure acquires German McTrek

14/08/2017

Belgian outdoor chain AS Adventure has acquired its German competitor McTrek. The acquisition opens up the largest European outdoor market for the Belgians, thanks to McTrek’s 39 stores and web shop.

American department store chains continue to struggle

11/08/2017

Several American department store chains continue to underperform. Both Macy’s and Kohl’s experienced turnover slumps compared to the previous year, even though they both managed to beat analysts’ expectations.

Amazon wants to compete with Ticketmaster

11/08/2017

Amazon is in talks with American event location owners to see whether it could sell tickets for their events on its web shop.

Record turnover for Henkel

10/08/2017

German Henkel has had a record second quarter, when turnover reached nearly 5.1 billion euro. For the first time ever, its six-month turnover surpassed the 10 billion euro milestone, thanks to its acquisition of laundry detergent company Sun.

Lion Capital once again wants to sell Hema

08/08/2017

Lion Capital has approached business bank Credit Suisse to look into “strategic options” for Hema, which basically means it has to find an interested buyer for the Dutch store chain.

Back to top