New future for intertoys with Pan-European toy retailer Green Swan
Option to retain approximately 220 stores
Amsterdam, 8 March 2019. Intertoys’ trustees Joris Lensink (De Vos & Partners lawyers) and Jasper Berkenbosch (Jones Day), and Alteri have jointly signed an agreement with Green Swan, a Portuguese toy retailing specialist, as a basis to realise a restart of part of the Dutch Intertoys business. The agreement opens the way to a restart for a substantial part of the retailer’s Dutch stores, and makes Intertoys part of the biggest toy retail group in continental Europe.
The trustees are pleased that Intertoys will retain its presence in the Dutch high street and that between 1,000 and 1,500 employees will keep their jobs. In addition, franchisees will have the opportunity to increase their number of stores. The trustees have therefore, in constructive cooperation with all stakeholders, achieved their initial goals.
This agreement combines the strength and expertise of the Netherlands’ market leader with an international strategic party in the toy sector. It is expected that Green Swan’s innovative mindset and expertise in streamlining stores and online business, will compensate for the inevitable reduction in the number of high street stores.
Paulo Andrez, CEO Green Swan: “We are enthusiastic to welcome Intertoys to the Green Swan family. We are highly motivated to bring our approach and strategic focus on innovation to the restart of a brand that so many families love. The toy sector is for families and people of all ages, and with Intertoys we see great potential to offer the customer an even better multichannel experience. We’ll partner with all those involved with Intertoys – clients, employees and franchisees – to add value through the innovation and evolution we’re bringing to the European toy market. Together with our toy brands in other European countries, such as Toys ‘R’ Us in Spain and Portugal and Maxi Toys in Belgium, France, Switzerland and Luxembourg, we are succeeding in revitalising a turbulent toy market."
Following the bankruptcy of Intertoys on 21 February 2019, court-appointed trustees made efforts to secure a restart for Intertoys' activities. This now led to the signing of an agreement with Green Swan.
The exact number of stores that will be included in the restart, and the number of employees involved, will become clear in the coming weeks. It is dependent, among other things, on whether lessors also want to maintain stores as Intertoys, accept compatible conditions and are aligned with the wishes of Green Swan and franchisees. Green Swan is to retain Intertoys current senior management, and aim to involve the franchisees in the restart.
91 Stores will be closed by the end of May at the latest. These stores will start with a closing down sale from Saturday, 9 March. A list of the relevant stores can be found on the website www.intertoys.nl as of tomorrow. Items purchased during this sale cannot be exchanged.
The trustees will provide an update in a press release should there be any additional information or development of importance to report.
Green Swan SGPS S.A. is a holding company, founded by "business angels" with extensive national and international experience in areas such as Management, Computer Engineering and new technologies, Marketing, Branding and Communication. Green Swan SGPS S.A. is driven by innovation and is dedicated to the acquisition or participation in viable and profitable companies, well managed but motivated to undertake innovation processes, continuing the wellbeing of its stakeholders. Green Swan has a strategic focus on the toy industry and is one of the most relevant players in the European market.
In August 2018, Green Swan acquired the Spanish and Portuguese operations of Toys "R" Us. And With the acquisition of Maxi Toys, in the beginning of 2019, Green Swan's operations reach 6 European markets and a total of 230 stores. After this operation, Maxi Toys acquired all Bart Smit stores, achieving a presence in all Belgium territory.
Green Swan: Rodrigo Saraiva; email@example.com;
Intertoys: David Brilleslijper
+31 20 255 9355