Seleccions

Seleccions

Seleccions

Spain business
Home›Spain business›Imminent bankruptcy for Makro, the large cash and carry chain in Spain

Imminent bankruptcy for Makro, the large cash and carry chain in Spain

By James K. Martin
September 1, 2022
0
0
Share:

Bankruptcy threatens Makro, the large chain of cash and carry supermarkets in Spain. Image: JulieStar/Shutterstock.com

The Belgian cash and carry chain Makro and the catering wholesaler Metro are on the verge of bankruptcy, according to information from Thursday, September 1.

The owner of Belgian Makro and Metro stores, Bronze Properties, said it was seeking protection from creditors through a legal reorganization, with bankruptcy threatening the chain, which has several locations in Spain.

Makro and catering wholesaler Metro, which is based in 17 stores in Belgium and employs 2,000 people, have been recording losses for years, according to reports from Belgium on Thursday September 1.

During the 2020-2021 financial year (until the end of September), the Belgian branch recorded a loss of 42 million euros on a turnover of 646 million euros, which is one tenth less than the ‘last year.

The German distribution group Metro AG has already had to make up for losses of more than 420 million euros since 2015.

In June, Metro sold its Belgian subsidiary to the German restructuring company Bronze Properties.

German restructuring company Bronze Properties said: “The structure of Makro Cash & Carry Belgium’s operations and the financial difficulties the company is facing pose a threat to the continuity of its activities.

He added: “A classic round of layoffs would offer little solace. The long-term viability of the company would still not be guaranteed. Moreover, there is no money to pay the high costs of such a reorganization.

Any plans to sell Makro and Metro seem unlikely despite interest from several candidates as “none of the interested parties have offered to take over the business in its entirety”.

Subsequently, Bronze Properties was forced to file a petition with the court.

“A judicial reorganization allows the transfer of all or part of the company’s activities to another entity to safeguard employment in viable activities,” Bronze said.

Belgian press briefing tijd.be noted that it is very likely that the company will go bankrupt and that the staff will lose their jobs.

Bronze said the judicial reorganization would be done under the authority of a representative of the court and that the trustees would have about four to six months of work.

Liberal ACLVB union spokesman Wilson Wellens said that “in the meantime, shops will remain open”.

However, “if the judge does not grant Bronze’s motion, the chances of bankruptcy are extremely high,” Wellens said.

Bronze submitted the petition to the court on Thursday, September 1, which has 15 days to consider it.

“The court principal will not sell businesses to the highest bidder but to whoever wants to keep the most jobs,” Wellens added.


Thanks for taking the time to read this article, don’t forget to come back and check the Euro Weekly News website for all your up to date local and international news and remember, you can also follow us on Facebook and instagram.

Related posts:

  1. Car makers and airlines warn EU climate plan puts innovation at risk
  2. Today in History: Spain cedes Florida to the United States in 1821 | Lifestyles
  3. The number of Covid-19 cases worldwide exceeds 189.9 million, deaths exceed 4.08 million
  4. Volkswagen wants to manufacture batteries and small electric cars in Spain
Previous Article

Marriott Worldwide 20% off getaways until October ...

Next Article

Live News: EU to recommend electricity demand ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Spain business

    Portugal’s largest utility profit down 18% on one-time costs

    February 17, 2022
    By James K. Martin
  • Spain business

    Salmeterol Market Upcoming Trends, Company Growth, Competitors, Company Market Share Analysis

    February 12, 2022
    By James K. Martin
  • Spain business

    Leading multinationals invest in data center markets in Spain, Sweden and Ireland

    September 28, 2021
    By James K. Martin
  • Spain business

    Spain: rescuers remove 208 migrants from boats at sea and ocean

    September 4, 2021
    By James K. Martin
  • Spain business

    Long queues at Madrid airport are causing a hiring frenzy to cope with the influx of tourists

    June 7, 2022
    By James K. Martin
  • Spain business

    Massive Open Online Courses (MOOC) Platforms Market Size, Scope and Forecast

    July 6, 2022
    By James K. Martin

  • Spain beach

    Ánimo counseling program tackles shortage of mental health providers in Latinx communities

  • Spain beach

    Oil slick from half-sunken ship in Gibraltar reaches Spanish beach

  • Spain Economy

    No Credit Check Loans With Guaranteed Approval | Top loans for bad credit | Same Day Approval For Bad Credit Online Loans | Direct Lenders for Bad Loans | Best loans for bad credit with guaranteed approval in March 2022