Audax, owner of Bruna, granted court cooling-off period

Audax, the parent company of the Dutch bookstore chain Bruna and ReadShop, has been granted a temporary cooling-off period by a court in Breda to address severe financial difficulties. The company currently lacks sufficient funds to meet all payment obligations, leading to delays in product deliveries as suppliers demand payment before shipping.

Audax aims to reach agreements with creditors within three months, though the court-ordered period could potentially be extended to eight months. A further hearing is scheduled for November 17. While the company faces significant debt, including past issues with the tax authorities and the UWV, management maintains that the retail operations remain fundamentally viable.

The company is currently involved in a dispute with its new owners, a consortium known as Lector Capital. Audax alleges that Lector Capital failed to transfer 8.6 million euros in promised financing following the sale of the company and is preparing legal action.

Audax employs approximately 783 people and operates 86 company-owned stores alongside 312 franchise locations. Acting executive Marije Haeck stated that the priority is to restore the financial position and preserve employment and store support.