The Amsterdam court declared the BCC electronics chain bankrupt. On Thursday, the trustees filed for bankruptcy as a result of significant financial problems. BCC has been unable to keep its head above water due to rising rents, employee costs and energy prices. Nearly a thousand employees end up on the street.
This marks the end of one of the most popular retail chains in the Netherlands after nearly eighty years. Now that this bankruptcy has been announced, there are chances of a reboot. Administrators Joris Lensink and Tess Heckman will, among others, try to sell the sound business units to a new owner. It was announced last week that the BCC had requested a payment deferral. The BCC cited dramatically increased costs as one of the reasons. Stores and the online store will remain open for the time being pending the restart.
The impending bankruptcy came as a big surprise to the CNV trade union. Union director Leon van der Elsen said it was known to the union that the store was looking for ways to save costs, “but I did not expect that they were in such a bad situation.” “We were already fearing the worst, but now it’s real. And it hits hard.”
BCC Bankrupt: What It is happening With my order already paid?
About a thousand people have been told their contracts have been cancelled. CNV assumes that many of them will have to look for another job, even in the event of a possible reboot. The union promises to provide legal advice and professional guidance to these people.
Retail expert Paul Moyers said earlier this week he was not surprised the electronics group had to pull the plug. “BCC is a retail chain that puts things on the shelf for a very long time and thinks the consumer is going to come and get them. There is no inspiration at all in those stores. Is that management going to come to New York or Hong Kong and see how they sell things from the store? Or take a look at Apple Store or Rituals branch in Netherlands. You will drool, these shops are so special, you want to buy something there. Look at BCC, and many other stores for that matter, things are just sitting on the shelves. Nothing is ever done To make it attractive.”
The company isn’t the only chain currently struggling. Deal chain Big Bazar has also faced problems recently. On Monday, Big Bazar will hear whether the judge in Leeuwarden will again give this company more time to prevent bankruptcy. Earlier this year, clothing store chains Score and Chasin went bankrupt, as did Scotch & Soda and dozens of franchise stores such as Vero Moda, Vila and Pieces.
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