Green Swan says it will do “all it can” to give the retailer a new lease of life.
Portuguese investment group Green Swan has reached a deal to take over bankrupt Dutch toy retailer Intertoys and will keep a large number of the shops open. It is expected that 1,000 to 1,500 of the current workforce of 3,200 will keep their jobs but that at least 91 of the total 286 stores will close their doors by the middle of May.
Closing down sales began at the weekend. A further 100 stores run by franchisees will be given the option of taking over their stores directly. Intertoys entered bankruptcy last month, three weeks after being given court protection from its creditors.
In January, Green Swan bought the Belgian group Maxi Toys from Blokker Holding and in August 2018, it acquired the Spanish and Portuguese operations of Toys R Us.
Paulo Andrez, chief executive of Green Swan, said that the company will do “all it can” to give Intertoys, “which is so much a part of so many families”, a new lease of life.