The Big Bazar stores will not close for the time being. The court in Leeuwarden gives the retail chain time to make agreements with creditors. This statement applies to all Big Bazar stores, including the nine stores in Drenthe.
The judge decided on a special cooling-off period. The retail company can reorganize and make agreements about the debts. All bankruptcy filings that have been filed lately will be placed on hold.
Lawsuits were also played in Drenthe for the shops in Assen and Coevorden. In summary proceedings, the property owners demanded eviction of the property and payment of arrears of rent.
According to Big Bazar’s lawyer, the chain uses a procedure to prevent bankruptcy. This so-called Whoa procedure has existed since 2021 and is intended for companies that have healthy activities but are in trouble due to large debts. They can be given time to reorganize the company.
Lawyer Van Oorschot says that Big Bazar will collect all creditors in the near future and will try to reach an agreement with them. It is not yet clear how long Big Bazar will be given by the judge to do this. Another hearing will be held on September 7. Big Bazar has asked for a period of four months.
The chain has been struggling lately. More and more parties complained that the company no longer paid bills. Big Bazar owes its own challenges to, among other things, the sharp price rises in the shopping street, which has caused customers to spend less at the chain. Several landlords had already gone to court for rent arrears. Suppliers also started to get nervous.
But Big Bazar CEO Heerke Kooistra emphasized this week that all this does not have to mean the end of Big Bazar. His company might take longer to pay all bills. “But it’s not true that we can’t afford it.” Kooistra said earlier that he wants to close twenty loss-making stores and wants rent reductions for another twenty stores. That would be necessary to keep the chain with a total of 120 branches and 1400 employees “healthy”.