McGregor is entirely free of debt | RetailDetail

McGregor is entirely free of debt

McGregor is entirely free of debt

Fashion company McGregor has paid off all of its debts to the bank, after ABN Amro had informed the company it would no longer finance it. McGregor now seeks shareholder investments.

No more interest

Four shareholders paid off ABN Amro's debt in return for more shares, which meant the company did not have to take on more debt. Chairman and shareholder Jeroen Schothorst says he is happy with the new arrangement: "We are not paying any interest anymore, no more down payments. We would have had to refinance the debt in two years' time and that would have cost time and energy. Right now, we can focus on our entrepreneurial spirit", he told De Telegraaf.

 

As McGregor no longer has to pay interest, the money will be reinvested into the company, specifically in its ICT, logistics and marketing plans.

 

The company carried a huge debt for many years, ever since it withdrew from the stock exchange in 2006. Within a year, it asked for 220 million euro with ABN Amro, pretty much equal to its turnover at that time. It managed to lower that sum to 150 million euro in 2013, but that is when sales started to slump. Now, McGregor has managed to become entirely free of debt.

Questions or comments? Please feel free to contact the editors


Carrefour Belgium launches personal shoppers with 90 minutes delivery

19/07/2018

In the intense struggle for the customers' favour, Carrefour Belgium has presented a new service - featuring personal shoppers, delivery within 90 minutes and an app that can be expanded into a market place.

Cultured meat in stores by 2021?

18/07/2018

Commercialization of laboratory cultured meat is coming closer. Pioneer Mosa Meat has raised 7.5 million euros for the construction of a factory that will bring an affordable product to the market within three years.

Aldi commits to renewable energy

17/07/2018

Aldi Nord has published an ambitious international climate policy: the retailer wants to reduce greenhouse gas emissions by 40% by 2021 and reveals some compelling figures in its second sustainability report.

Discounters' major opportunities for growth in Western Europe

16/07/2018

Despite the multitude of stores in most European markets, discounters plan to open up to ten million square metres of store surface in five years' time. Even in so-called saturated markets they still see a lot of chances for growth, LZ Retailytics says.

Contamination bites huge chunks of Greenyard's value

16/07/2018

Vegetable producer Greenyard is under attack after a listeria contamination in its Hungarian factory. The company says to have taken all necessary measures, but the share price plummets.

Starbucks dumps plastic straws worldwide

12/07/2018

American coffee company Starbucks will ban plastic straws in their stores starting from 2020. A small step for coffee enthusiasts, but a big step for the environment, as the coffee giant uses about a billion straws every year.