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Macintosh Retail Group suspends payments to creditors

Macintosh Retail Group, the former owner of Brantano UK and Jones Bootmaker, has been granted protection from its creditors by the Dutch courts. 

The Dutch firm that owns shoe chains Brantano (outside the UK), Manfield, Invito and Dolcis appointed JJMC Huppertz and BWGP Meijs as joint administrators on December 22.

The Dutch court of first instance yesterday gave the group permission to suspend payments to creditors.

All 550 Macintosh-owned shops across Europe remain open, while the administrators and management explore all possible scenarios, including a sale of the group as a whole or in parts, in the interest of the employees, creditors and other relevant stakeholders.

In October Alteri Investors bought Jones Bootmaker and Brantano UK from their Dutch parent company for €17m (£12.2m).

Macintosh said the deal was at the lower end of the range it expected, and it made a loss of €53m (£38.2m). Proceeds from the sale will go towards repaying its debts.

Drapers revealed in March that Macintosh had put up for sale the two retailers to raise capital to fund its core business in Europe, which includes Brantano Belgium, Scapino and Hoogenbosch Retail Group.

 

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