Parent company Selfridges is helping De Bijenkorf to get through the corona crisis. The Dutch department store chain gets an additional credit line of 44 million euros.
Subsidies and savings
In its annual report, the department store chain considers the consequences of the corona crisis. During the first wave of the crisis, the seven stores of the chain remained closed for 6 weeks. This loss of turnover was only partially offset by additional sales via the webshop. The company also received government support in the form of wage subsidies and tax deferrals. To keep costs under control, De Bijenkorf also decided in August to cut 225 of 2650 jobs.
Despite all these measures, the department store chain remains very cautious for the current financial year. That is why the company has secured an additional credit line of 44 million euros from its parent company Selfridges. The Dutch company can borrow that amount if necessary.
De Bijenkorf was founded in 1870 and has been part of British company Selfridges since 2011. The department store chain focuses on the premium market segment and is therefore very dependent on (wealthy) tourists. Due to the corona crisis, these tourists have stayed away for several months now. However, there is no reason for the company to change its long-term strategy.
