The curators of the bankrupt Dutch arm of fashion chain Scotch & Soda have agreed a restart via the company’s takeover by US investment house Bluestar Alliance.
The move means a ‘large number’ of Scotch & Soda’s 800 strong workforce in the Netherlands will retain their jobs. The company has 32 shops in the country as well as its headquarters and design studio.
Last week’s bankruptcy was one of the biggest in recent Dutch retail history. The company booked sales of €342 million in its 2021/22 book year and said its bankruptcy was down to ‘serious cash flow problems’ following the coronavirus pandemic, soaring energy prices and inflation.
Scotch & Soda had been owned by US investment company Sun Capital since 2011. Its operations outside the Netherlands, which include more than 200 shops, are not affected by the bankruptcy.
The new owners said in a statement that ‘Scotch & Soda will be enabled to continue its activities in selected markets’ and that further details would be published when the deal had been finalised.
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