Salling Group has entered into an agreement to buy large parts of the Top-Toy-owned retailer, which went bankrupt in December.
As reported by Børsen, the agreement, which Salling has entered into with the bankruptcy estate’s curators, allegedly involves both the acquisition of Fätter BR’s inventories, trademark rights and the acquisition of a number of the stores in Denmark.
Salling’s communications director, Mads Hvitved Grand, originally neither confirmed nor denied the deal when asked by reporters.
The acquisition is likely to be welcomed by creditors who are currently waiting to receive some of the money owed to bankrupt Top-Toy. However, the Danish Competition and Consumer Agency must first approve the deal before it can proceed.
The online store Coolshop was reported to have expressed interest in acquiring BR’s inventory and stores. Owner Jacob Risgaard allegedly offered DKK 65m, but it was not enough to secure a deal.
In a post on LinkedIn, The CEO of Salling Group, Per Bank, commented: “Great news today, as Salling Group has reached an agreement to take over from Top-Toy. The agreement, involving stock and IP-rights to the BR-brand, marks a strategically important deal for Salling Group, as competition in the toy market has intensified in recent years. With this deal, we ensure that toys remain an important part of the customers’ shopping opportunities in the physical stores throughout the country, and that toy sales do not only move to foreign online shops.”
He added: “It is always regrettable when competent employees in the industry lose their jobs following bankruptcy and store closures. But with 1,500 vacant jobs in Salling Group, hopefully we will be able to offer new opportunities to many of the skilled former Top-Toy employees. Until then, with this agreement we ensure that the rights to a brand with a long legacy in Denmark remains Danish owned.”