More than 3000 employees across the Dutch toy retail chain Intertoys have found their jobs on the line after the company filed for bankruptcy this morning.
Few details surround the latest development for the toy chain, but it intends to keep its chain of around 400 branches in the Netherlands and Belgium open for the time being.
The Dutch news site AD has reported that for 3000 employees at Intertoys, the future looks bleak with a request for dismissal submitted.
Last week, Intertoys, the largest toy chain in the Netherlands applied for a moratorium on payments, citing fierce competition in the toy sector as the source of its problems. The chain admitted that toy sales had halved in the last ten years.
“In the current market conditions, a market leader in toys like Intertoys is under constant pressure,” said Roland Armbruster, Intertoys CEO.
Over the past period, administrators Jasper Berkenbosch and Joris Lensink had been investigating the possibility of restructuring Intertoys. The toy company itself has over 400 branches across the Netherlands and Belgium. The stores in Belgium are outside of the bankruptcy.
A dismissal has now been requested for 3,200 employees. Should the company be relaunched, some of those workers may find employment with the new look firm.
The situation has been described by the local retail expert, Paul Moers, as “a massacre.”