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Lingerie chain Hunkemöller hopes to enforce better conditions on the banks because its debt burden is too heavy. Due to the corona crisis, the retailer was even on the verge of bankruptcy.
Fear for survival
Hunkemöller, which struggles under a mountain of debt of 371 million euros, is currently in talks with the banks. The corona crisis hit the lingerie group hard and the chain was at one point even unable to meet its obligations. The banks then granted a temporary exemption, but now the company also wants to renegotiate the financing conditions.
Without concessions, Hunkemöller finds itself in a tight spot, according to De Telegraaf. This summer the chain already demanded the suspension of rents, but that was not to the landlords’ liking. For a while there was even the threat of bankruptcy, but an agreement came just in time.
The downturn is striking, because last year the lingerie retailer recorded its best financial year ever. At the time, growth was mainly due to the opening of 45 shops in China, but that quickly turned around when the pandemic broke out: external accountant Deloitte even added a continuity warning in the annual report. The consultancy firm fears for the survival of the chain if there is no debt agreement. Discussions with the banks would, however, be positive.
