- Prachi Singh |
The Directors of Charles Vögele Netherlands have filed for the company’s bankruptcy at the District Court in Amsterdam. Sempione Retail, the major shareholder of Charles Vögele Holding had announced during the public tender offer in September 2016 that it would be concentrating on the strategic markets of Switzerland, Austria, Hungary and Slovenia once the offer had gone through.
Following which the company was evaluating different options to ensure continuity of the Dutch organisation. However, since a feasible solution could not be found, the Directors of Charles Vögele Netherlands decided to file for bankruptcy. Charles Vögele expanded into the Dutch market in 1999; and currently has 95 stores and around 700 employees in the country.
The District Court has approved the application and appointed Johan Westerhof and Hans Hendriks as official receivers, who will manage the operational business until the bankruptcy proceedings are completed.