The Portuguese investor Green Swan sells Intertoys/Maxitoys to Blokker CEO Witteveen, after it has sold out the stores’ inventory completely, and manufacturers were complaining that they didn’t receive new purchase orders from the retail group. The previous investor Alteri had led the toys group, which it bought from the Blokker family, to bankruptcy, cashing in on inventory as well.
The combined toys group still operates 327 stores in the Benelux, France and Switzerland, and is expected to have an annual turnover of around 400 million euro.
This April, the Blokker family had sold the Blokker household goods retailer and discounter Big Bazar to its CEO Witteveen, who has a track record in fashion retail. Hopefully, the new ownership will be better positioned to rapidly transform the combined toys and household retailer in the age of digital commerce, and restore some of its old glory.
The toys sector groes through a turbulent, transformational phase. The 2017 bankruptcy of Toys “R” Us, was a wake up call, and has accellerated the sector’s disruption by e-commerce, and gaming apps.
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