The bargain retail chain Big Bazar can no longer defer payments to its creditors. As a result, there is a high probability that the bargain chain will be declared bankrupt on Tuesday morning, Big Bazar’s attorney, Oscar van Oorschot, told ANP on Monday afternoon. Moments earlier, the District Court of Noord-Nederland in Leeuwarden denied the store’s request for a cooling-down period to allow it time to restructure and address a situation where debt levels have risen considerably.
This decision allows the company’s creditors to proceed with bankruptcy claims against the company. Bankruptcy applications will be brought before the court on Tuesday.
The request for payment deferral was made on Friday so Big Bazar could make arrangements w…
Read the full article at: https://nltimes.nl/2023/09/04/big-bazar-expected-declared-bankrupt-tuesday-1300-jobs-risk