Parent company behind Bruna, Read Shop up for sale after COVID-19 debt settlement
Audax, the parent company of Bruna and Read Shop, is being sold after settling COVID-19 debts with Dutch authorities.Summary
The parent company of bookstore chains Bruna and Read Shop, Audax, is being sold by the De Leeuw family after reaching settlements with the Dutch tax authority (Belastingdienst) and the UWV regarding outstanding debts accumulated during the COVID-19 pandemic. The transaction is expected to finalize quickly, though the buyer remains undisclosed.
Audax faced over 32 million euros in debt to the Belastingdienst and 11 million euros to the UWV, stemming from the pandemic. Years of negotiation led to agreements where Audax will pay 1.7 million euros to the UWV and 6.7 million euros to the Belastingdienst. These settlements were crucial, as the company’s board previously warned of serious liquidity problems without “customized arrangements.”
With the debt settlements and completed reorganizations, Audax anticipates a return to profitability, averting a potential collapse. The sale marks a turning point for the long loss-making company, offering a path towards financial stability.
(Source：Nl Times)