Macintosh Retail Group said Halfords Netherlands, the bicycle and automotive chain it sold last year, has filed for bankruptcy.
Macintosh sold Halfords Netherlands to the chain's Managing Director on June 30, 2013.
Following the buy-out, Macintosh continued to provide Halfords with funding in the form of a
€9.5 million credit facility, which created a healthy financial position for Halfords at the time of the buy-out. To protect its interests, Macintosh has security rights to the assets of Halfords. In Macintosh's financial statements, the value of its receivables from Halfords are valued on €6.4 million.
The court-appointed trustees in bankruptcy will take steps to realize the value of Halfords’s assets, also with a view to repaying Halfords’s debt to Macintosh. All options are open in principle, including a relaunch of Halfords.
