Amsterdam, the Netherlands: A symbolic €1 bought the company. A promised €8.6m never arrived. Now a court in Breda has granted a cooling-off period to Audax, the parent of the Bruna and ReadShop bookstore chains and magazine distributor Betapress, to stave off bankruptcy. The company has until a hearing on 17 November to reach terms with its creditors.
Early this year, investment group Lector Capital took Audax over from the De Leeuw family for the symbolic amount of €1. The new shareholders agreed to invest €8.6m by October at the latest, but the money was never transferred. Audax now carries more than €9m of debt, including a tax debt, and some suppliers deliver only against direct payment. That puts supplies to its 94 company-run stores and around 340 franchise outlets under pressure, even though the tax authority and UWV had earlier waived most of its pandemic-era debts.
The shareholders dispute that they must pay. Franz Bergman, co-owner of Lector Capital, says Audax has met its tax obligations and that new money could become available once the annual accounts are approved. His fellow co-owner Paul Sies, who led Audax after the takeover, was suspended on 9 October. The board and shareholders accuse each other of mismanagement and conflicts of interest, and reports on 9 November said shareholders had unanimously decided to lift the suspension.
Acting CEO Marije Haeck has appealed for patience from the people on the shop floor: "We understand that this situation raises concerns among our employees, franchisees, suppliers and other partners. We also realise that payment arrears and disruptions in deliveries affect their daily work and business. Our focus is on restoring the financial position and preserving our activities, employment and support for the stores. The trust and cooperation of our partners are of great importance." The supervisory board, the franchise boards of Bruna and ReadShop and the works council back the board's approach. Audax still expects revenue of more than €100m this year, but a failed restructuring could mean bankruptcy and the sale of separate parts.
What the reports leave unsaid is the property exposure behind the brand. Independent franchisees such as ReadShop Velp arrange their own rent, so the risk concentrates in the 94 company-run stores, and the lease terms behind them have not been disclosed. For investors holding Dutch high-street and station retail, a restructuring or break-up could mean lease renegotiations or vacancies. For developers, any space handed back is a chance to repurpose small-format units for new retail and service uses.
People mentioned
- Marije Haeck, acting CEO of Audax
- Franz Bergman, co-owner of Lector Capital (45% stake)
- Paul Sies, co-owner of Lector Capital (45% stake) and head of Audax after the takeover, suspended on 9 October
Companies mentioned
- Audax, parent of Bruna, ReadShop, Betapress and Audax Publishing, granted a cooling-off period by the court in Breda
- Bruna, bookstore chain with 94 company-run stores plus franchise outlets, owned by Audax
- Lector Capital, investment group that took over Audax from the De Leeuw family
- Belastingdienst, Dutch tax authority and creditor that waived most of Audax's tax debt
- UWV, Dutch employee insurance agency and creditor that waived part of Audax's debt
Get the latest commercial real estate news, investment insights, and property trends from Europe Real Estate, trusted by professionals since 1999.
Sign up for free weekly updates. Join here
