Macintosh Retail Group's management has decided to pull the plug and file for bankruptcy. It does not see a future for the company, which owns several distribution formulas.
Shortly after suspension of payment
It had only just received a suspension of payment from the Maastricht court on 22 December and the 's-Hertogenbosch court did similarly for its subsidiaries Hoogenbosch Retail Group BV. Dolcis BV, Manfield BV, Invito BV and PRO Sport BV. Nevertheless, it has now filed for bankruptcy mere days later.
Bankruptcy would only apply to the parent company, not to Brantano Belux, Firelle, Dolcis, Invito, Intreza, Manfield, PRO, Scapino and Steve Madden as its subsidiaries will continue to function (for now). The subsidiaries that were given suspension of payment are no exception.
"All of Macintosh Retail Group's stores and chains are open and management, alongside all the different boards, is now looking at all options. Those include a sale of the entire group or of each individual division. The employees, debtors and other interested parties' interests are the main concern", management stated in a press release.
Brantano, a chain that has not filed for suspension of payment, already revealed it would definitely be able to continue until the end of January with its current means.
Macintosh' problems did not appear suddenly, with a 12.1 million euro loss in 2013 and a 101.6 million euro loss in 2014. The first half of 2015 also resulted in another onerous period.
It did manage to limit its losses to 4.4 million euro, but that was only partially because of a one-time 16 million euro boost thanks to the sale of Nea International. The group's shoe chains suffer tremendously from the surge in eCommerce.
An attempt to find a buyer for the holding, amounted to nothing.