The Dutch Mirage Retail Group is looking for a buyer for its famous retail chain Blokker. The company needs the money after a failed attempt to sell toy chain Intertoys.
Long list of losses
The owner has invited merger and acquisition advisor Oaklins to try to sell Blokker, and has already circulated a document to potential buyers. Managing director Ynse Stapert confirmed the news to Dutch newspaper FD: “We are in the process of financing Blokker. For that, we are exploring all options.” Mirage needs new financing and had first tried to sell Intertoys, but a buyer dropped out at the end of last year.
Blokker achieved 342.2 million euros in sales with some 400 shops and 4,000 employees, but also made a loss of 1.8 million euros last financial year (excluding the chain’s distribution centre in Geldermalsen, which actually made an operating loss of 5 million euros last year). That warehouse is also up for sale.
“Moving in the right direction”
According to Blokker and Oaklins, the retailer is nevertheless in good shape: revenue is expected to increase from 342.3 to 410 million euros over the next two years, with a positive EBITDA of 28 million euros. “With the results in recent weeks, we are confident that things are really moving in the right direction”, Stapert claims. Observers have their doubts: the sale comes at a less favourable time, with consumers holding back and as more retail chains do run into financial difficulties.
The Blokker family sold its eponymous retail chain – together with the Big Bazar and Xenos chains – to then CEO Michiel Witteveen in 2019. The Belgian operations were sold – and quickly afterwardts went bankrupt – and Big Bazar was divested as well. Recently, electrical chain BCC – which had been part of the Mirage group since 2020, also went bankrupt.
