Around 1,500 jobs have been saved at the Dutch toy store chain, Intertoys following a partial take over of the troubled brand by the Portuguese toy specialist, Green Swan.
The number of jobs saved is around half the total number at Intertoys who was facing complete closure only a matter of weeks ago.
Thanks for a majority take over by Green Swan, an estimated 220 stores are to be retained, including 100 franchise stores. In the coming weeks, the exact numbers of stores to continue and employees retained will become more clear.
For around 90 Intertoys outlets, however, a closing date of mid-May has been scheduled.
According to a spokesperson at Intertoys, the company will examine which stores are best placed for the acquisition.
“This is dependent on, among other things, landlords and rental contracts and franchisers that take over stores.”
The toy store chain declared bankruptcy on February 21st this year, citing heavy competition from discounters and online platforms as the root of its troubles. Sales at Intertoys have halved in the past ten years.
Green Swan has previously acquired Toys R US, Maxi Toys and the Belgian Bart Smit stores. It is regarded as Europe’s largest toy specialist.