HEMA placed in receivership | RetailDetail

HEMA placed in receivership

HEMA placed in receivership

HEMA has been placed in receivership, with its British owner Lion Capital and the banks that had lent it money as its curators.

More than one cause

Owner Lion Capital has apparently taken control of 'its' HEMA, according to Financieele Dagblad. An insider has stated that an army of bank employees and Lion staff are running things at the main office.

 

Every interviewee points out that there are many reasons as to why HEMA is in trouble, but one of the main issues is how the company is run. Both Lion Capital, the board of directors and its CEO Ronald van Zetten have received their part of flak for their part in the "ruin" of the retail branch's Dutch icon.

 

Operating profit is problematic

Allegedly, Van Zetten works on his own and refuses to listen to criticism anymore. "Ronald only listens to Ronald", is one of the comments. The CEO believes the criticism is not founded and he refutes the claims that "all decisions are being taken by one person, without any communication."

 

The group announced a 16.4 million euro net loss in May, while it had managed a 5.8 million euro profit the year before. One of the lenders' demands was that its operational profit did not drop below 120 million euro, while the retailer only managed 119 million euro in May.

Questions or comments? Please feel free to contact the editors


P&G wants 100 % recyclable packaging by 2030

17/04/2018

Procter & Gamble has announced new sustainability targets for 2030, as it has already – for the largest part – reached its 2020 targets. One of its goals is to make sure that all packaging is recyclable or reusable.

Zalando launches beauty product sales

23/03/2018

Zalando launched its beauty product range in Germany today, which it announced in October. Markets outside of Germany will follow later.

CK Hutchison owner steps down

19/03/2018

Li Ka-shing, CK Hutchinson’s owner and CEO, will step aside mid-May. The 89-year old will then pass on the baton to his eldest son, Victor Li, who will then take control of chains like Kruidvat and ICI Paris XL.

Europe wants global ban on animal testing for cosmetics

27/02/2018

Several Members of the European Parliament say the current European ban on animal testing for cosmetic purposes needs to be extended to a global one.

Unilever warns online media: we can no longer advertize like this

12/02/2018

Unilever has threatened to pull its advertising budget from online media channels that lack transparency and create discord according to marketing director Keith Weed’s statements at the IAB advertisers’ congress.

Luxury brands spur on L’Oréal's profit

09/02/2018

Despite weak turnover growth in 2017, cosmetics company L’Oréal still generated a much-improved net profit thanks to excellent luxury sales, where its margins are bigger.