Bruna and ReadShop parent Audax gets court breathing space over unpaid bills
Audax, the company behind the Bruna and ReadShop bookshops, has been granted a provisional cooling-off period by a Dutch court because it cannot pay all its debts.
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Illustrative photo: Renée Kools / CC BY 4.0
Audax, parent company of the Bruna and ReadShop bookshop chains, does not have enough money to meet all its payment obligations, the company confirmed. On Friday the court in Breda provisionally granted it a cooling-off period (afkoelingsperiode). This gives Audax time to make arrangements with creditors without the threat of, for example, a bankruptcy petition.
Audax has 783 employees and 86 own stores, and its chains also have 312 franchise stores. For staff, nothing in principle changes during the cooling-off period, a company spokesperson said.
Audax says it wants to find a solution within three months. According to a spokesperson, the cooling-off period can be extended to a total of eight months. Acting chief Marije Haeck called it a worrying period for employees, franchisees, suppliers and partners.
Audax is preparing legal steps. Lector Capital bought Audax earlier this year from founding family De Leeuw for a symbolic amount.
Paul Sies became chief executive on behalf of the new owners but was recently suspended. He does not address the financing accusation, saying the agreements are confidential. Sies says the debts to the Belastingdienst (the tax authority) and UWV, central to the takeover, have been paid in full.
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