Acquisition of 120 stores of Dutch shoe retailer out of insolvency



Transaction background


  • With no attractive offer of a strategic buyer; SCHOENENREUS filed for insolvency.
  • GA Europe implemented an alternative restructuring process which provides more time than an immediate shut down of the business and auctioning of assets.
  • GA Europe acquired the assets of SCHOENENREUS: Stock, Fixtures/Fittings/Equipment, IP and Goodwill.



Operational details


  • GA Europe facilitated a restructuring programme based on two work-streams:
    • Trade out of the stock in all stores in order to recover the purchasing price, which lasted approximately 8 weeks.
    • Identification and transfer of a profitable part of the business to a strategic buyer, where possible: stores, employees, IP, Goodwill.
  • Facilitate and restructure operations as required.
  • Implementation of our proven trade out programme including discount/stock management, POS signs, guided in-store trade out process.
  • Hand over of the stores broom clean (closure stores to the landlords, potential going concern stores to the new buyer).





  • Purchasing price paid for the assets exceeded seller’s expectations.
  • Business operations continued after the 6 weeks insolvency period, with 8 weeks under GA Europe management, which enabled the majority of the employees to find a new job.
  • Transfer of some stores including employees to other retailers.
  • Close collaboration with seller throughout the whole process.