Macintosh Retail Group files for payment suspension

Macintosh Retail Group has filed a request for a suspension of payments with the court in Maastricht, The Netherlands, according to a statement published today by the company. The court is expect to rule on the request later today.

The high street retail group is looking for court protection from creditors as it continues its search for a buyer for all or part of its group. Macintosh Retail Group currently holds footwear labels Scapino, Dolcis and Manfield, which operate in the UK, the Netherlands and Belgium, after selling off its Fashion UK division two months ago. The court request for the suspension of payments is said to affect the holding company, and not its subsidiaries.

Macintosh Retail Group requests court protection with payment suspension

On Monday Macintosh Retail Group stated it was in discussion with several potential buyers to take over its 550 store company, but had yet to finalize any agreements. Macintosh Retail Group has been struggling with high debt levels and shrinking sales numbers over the past few months as its struggled to remain relevant with the consumers changing needs. After exploring other strategic options, the company found that filing for the suspension of payments during the sale process to be the "only remaining option" it has to save the company from going under.

If the suspension of payments is granted by the court, then together the administrators (once appointed) the board of Macintosh will continue to explore options if a sale of part of the group, or the entire group, will still be feasible in the interest of all stakeholders and employees.

"The current situation is very disappointing for parties involved, in particular for our employees, suppliers, banks and shareholders who have loyally supported our company in these trying times," said Kurt Staelens, CEO. "Despite the best efforts of all parties involved, filing for suspension of payments could unfortunately not be avoided. We are hopeful that significant parts of the Macintosh-group can be preserved through a sale or otherwise."

The share pice of Macintosh Retail Group has plummeted since the middle of October and ended Monday at 0.17 euro cents.