Macintosh stands to lose 50 million on sale of British stores | RetailDetail

Macintosh stands to lose 50 million on sale of British stores

Macintosh stands to lose 50 million on sale of British stores

Dutch retail group Macintosh may lose up to 50 million euro when its planned sale of the British stores from its Brantano and Jones Bootmaker brands goes through. All bids are at the lower end of the scale, which may result in quite a big loss.

Focus on Benelux

The sale of its British activities is part of a plan to help get the store chain back on track financially: it had a 70 million euro debt last year, compared to a mere 5 million euro of operating income. With the sale, CEO Kurt Staelens hopes to improve his position in talks with several banks and he also hopes to reinvest part of the income into the further development of its Benelux activities.

 

Macintosh says it will evaluate the offers on its 304 British stores (179 from Brantano, 125 from Jones Bootmaker), but it "cannot guarantee these bids will lead to an actual deal". Based on the current bids, the group may suffer a 40 to 50 million euro accounting loss.

 

The setback follows the operational issues within the group: over the first 6 months of 2015, Macintosh had an underlying negative cash flow of 3.9 million euro. Looking back one year, that underlying negative cash flow was "only" 1.1 million euro.

Questions or comments? Please feel free to contact the editors


Former Delhaize CEO Denis Knoops main shareholder in 1PopUpStore

24/05/2018

There is life after Delhaize: former Delhaize Belgium CEO, Denis Knoops, has become a majority shareholder at 1PopUpStore, which owns Chronostock, a company that is specialized in temporary stores.

“Urgent action needed against territorial supply constraints”

23/05/2018

(content provided by EuroCommerce) Speaking to mark the launch of the Benelux study on territorial supply constraints, EuroCommerce Director-General Christian Verschueren argued for the EU to act on big brands’ fragmentation of the European market.

Action owner 3i wants to keep chain after all

22/05/2018

Investor 3i wants to keep a hold of Action after all. Even though the owner made it seem like it was looking for a buyer, 3i now denies it.

Drastic measures for Marks & Spencer: 100 stores to shut down

22/05/2018

British retailer Marks & Spencer wants a strict restructuring: in the next four years, it wants to shut down 100 British stores (instead of 60). “We need to do this to safeguard the future”, it said.

Action owner wants to sell stake

18/05/2018

Action’s owner, investment firm 3i, aims to sell a part of the discount store chain next year. The Brits would want to sell a 35 % stake in the firm.

Belgian fund close to HEMA acquisition

09/05/2018

Belgian Core Equity holding is allegedly close to acquiring Dutch chain HEMA: a verbal agreement is apparently in place, all that is required are the signatures.