Portuguese investor Green Swan has acquired Dutch toy store chain Intertoys, which went bankrupt last month. The takeover will save at least 220, but possibly almost 300, stores.
220 stores saved
Rumours had been going on for a while, and now they have been confirmed: Intertoys will be taken over by Green Swan. The 100 franchise stores are said to be safe, but the fate of the 286 stores the chain owns itself, is not yet clear. The Portuguese new owner hopes to keep at least 120 of those stores (depending on rent negotiations), 91 will have to close in May – tomorrow Green Swan will announce which ones. The other 75 stores’ future will be decided later.
Intertoys ran into trouble due to the intense competition with discounters like Action and with online stores. In the last ten years, the chain saw its turnover cut in half. Bankruptcy turned out to be unavoidable and was carried out last month.
The new stores will receive a make-over that should, according to spokesperson David Brilleslijper, allow for more experience and a better service. Intertoys can rely on the experience of its new owners, who are building a European toy empire. After taking over the Spanish and Portuguese stores of the bankrupt American chain Toys ‘R’ Us, the investors ventured into the Benelux with the Maxi Toys and Bart Smit chains.
