AMSTERDAM – The largest toy retail chain in the Netherlands, Intertoys, requests the delay of payment. In ten years, the sale of toys in stores has been halved, the company reports. In particular, toys face enormous competition from online sales and prizefighters like Action.
The Intertoys summit believes that a strong reorganisation is needed. The company does not want to say what it will look like on Tuesday.
The administrators, Jasper Berkenbosch of Jones Day and Joris Lensink of De Vos & Partners, will investigate the possibilities to restructure Intertoys in close consultation with management.
The suspension of payment applies to Dutch activities. There are no consequences for the shops and staff for the time being. The shops will remain open during the moratorium.
“We regret the current uncertainty this creates for everyone at Intertoys including employees, franchisees and suppliers, but the market developments in recent years do not offer another alternative. We are in discussion with some parties about further cooperation and will do our utmost to carry out this process in the best way possible for everyone involved, “says Roland Armbruster, CEO of Intertoys.
Intertoys, including all stores of Bart Smit and Toys XL and the approximately 4,000 employees, was sold by Blokker to the British investor Alteri at the end of 2017. Intertoys was founded in 1976 in Gouda and has around 500 stores in the Netherlands, Belgium, Germany and Luxembourg. Blokker has recently merged Intertoys, Bart Smit and Toys XL into the ‘Intertoys’ brand.