Mirage Retail Group (MRG), parent company of Blokker and Intertoys, among others, sells budget store Big Bazar to BB Retail. MRG reports this in a press release on Wednesday. The amount of the takeover is unknown.
In its own words, MRG mainly wants to own stores that visitors can visit physically and online. Big Bazar does not have an online store. BB Retail focuses on so-called discount stores, stores that offer products for unusually lower prices than most competitors in the same industry. Big Bazar sells these cheap products: more than half of the range costs 5 euros or less.
Also read: How do retail chains survive during the lockdown?
Big Bazar has 135 stores, in the Netherlands and Belgium. According to MRG, the takeover will have no consequences for the 1,750 employees in these stores. According to MRG and BB Retail, the acquisition is likely to close in early November. MRG has also wanted to go public for a long time. The IPO is due to take place next year.
Big Bazar had a hard time when it had to remain closed during the lockdown, director Hans Danhof said earlier in NRC. “Sales literally fell to zero,” he said. “We have a cash problem, we are going to spread the payment over time.” Big Bazar could come to MRG. Danhof did not want to say how much money the parent organization has invested in corona time.
#Parent #company #Blokker #Intertoys #sells #budget #retail #chain #Big #Bazar