After being bought only a few weeks ago by former Proctor & Gamble executive Lea Ward and co-founder of investment firm H2Equity Age Hollander, childrenswear company Oilily is declared bankrupt by the Amsterdam Court. Ward bought a controlling stake from ABN AMRO Capital and H2Equity, which owned the company since 2003. The acquisition was realised with support of a different bank and without Hollander’s investments concern.
After closing down its headquarters and shops unexpectedly, the Dutch label opened its doors again last week. Especially after the new acquisition by Ward and Hollander, the closure came out of the blue. Ward and Hollander requested surseance and commented they want to look for a long-term solution to safe the brand’s future. Interesting to note, initially the couple said Oilily isn’t a company for institutionalised investors, and is in need of a more personal approach.
Several investors have shown interest in the 80-store counting company. In both fiscal years 2006 and 2007, Oilily made a loss of 2,3 million Euro. The company has 625 employees of which 175 are based in the Netherlands. According to Dutch national newspaper ‘De Telegraaf’, employees haven’t received a salary since February 2009.
Curator of Oilily, Marc Molhuysen is looking to sell the company by 30th April 2009, which is a national holiday in Holland in honour of Queen’s birthday.
Image: Oilily
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