Bruna owner Audax gets court protection amid payment problems
Audax, the company behind Dutch bookshop chains Bruna and ReadShop, says it cannot meet all its payment obligations. Its shops will remain open during the court-ordered cooling-off period, Dutch broadcaster NOS reported.
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A court in Breda granted Audax and associated companies a temporary cooling-off period on 6 November, giving the business room to seek an agreement with creditors. Audax said it wants to find a solution to its payment problems within three months, according to Dutch news agency ANP.
Under the court order, third parties who have been informed of the measure or know that an agreement is being offered need the court’s permission to recover debts from the companies’ assets or reclaim goods in their possession. Applicable bankruptcy and suspension-of-payment proceedings are also paused. The order is not a bankruptcy declaration and does not write off debts.
Dutch broadcaster NOS reported that the group’s shops will remain open during the cooling-off period. Some Bruna and ReadShop shops are run as franchises by independent owners. Trade publication KBM reported that Audax had acknowledged that its payment problems were affecting daily operations and disrupting deliveries.
The temporary protection lasts until the court makes a final decision on the request. A further hearing is scheduled for 17 November.
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