Dutch Macintosh Retail Group has finally found a buyer for its interior design store chain Kwantum: investor Gilde Equity Management. Nothing will change for Kwantum employees at this point.
The Kwantum sale will retroactively take place on 1 January 2015 and will create a 28 million euro net profit for Macintosh, resulting in an accounting profit of 1 million euro.
The chain's board will stay on and no employees will be laid off. "Gilde will fully support Kwantum in its drive to invest into the chain formula", Macintosh said in a press release.
The profit from the Kwantum sale will be used to clear debts, similarly to how Nea International and Fashion UK's sales were used to clear other debts.
"Our altered strategic focus on the shoe market in the Benelux has now been finalized through the sale of Kwantum. Now we can fully focus on getting back on track in the Benelux. One way of doing so is to make streamline our operations and organizations in the short-term. The profit from Kwantum, Nea International and Fashion UK will lower our net debt by some 64 million euro", CEO Kurt Staelens said.