Press release
17 August 2023, 07:00 PM CEST
Wereldhave has requested for the bankruptcy of retail chain Big Bazar with the district court Noord-Nederland. The decision stems from the fact that Big Bazar has not been able to pay its overdue rent. As a professional property owner and manager, Wereldhave attaches great value to cooperating with reliable business partners and is compelled to take this step in order to protect its interests.
Big Bazar currently leases six locations from Wereldhave and is only active in the Netherlands. The retailer represents less than half a percent of Wereldhave's total rental income, making it a relatively small tenant for the property fund. Nevertheless, the company has decided to take action based on its strategic principles.
Big Bazar locations provide opportunities for value creation and strategy execution
In line with the 'LifeCentral strategy' for transforming shopping centers into Full Service Centers for a better everyday life, Wereldhave has proactively drawn up plans for possible new uses for the locations in question. Some Big Bazar units will be split up and offered to new retailers, while other units will be transformed from retail meters to new visiting reasons. The situation allows Wereldhave to further expand its cooperation with other successful discount formulas. A good example of this is the recently announced new collaboration with Action in Tilburg.