Dutch fashion chain Coolcat, part of entrepreneur Roland Kahn’s group, has not managed to lower its losses in 2016. On the contrary: its losses grew more than 50 % compared to the year before.
Loss grows, turnover drops
Back in 2015, Coolcat suffered an 11 million euro net loss, which has grown to 18.6 million euro in 2016. The improvement plan drafted last year did not have the desired effect yet. Turnover also slumped 7 % to 129 million euro. Kahn had expressed hope that Coolcat would become profitable again this year, but it does not seem very likely. Uncertainty prevails within the company’s ranks regarding its recovery and future.
A new agreement states that the ING bank will continue to finance the group until 1 September 2018, even though the bank can demand the loans be paid back if the chain does not recover as planned.
“2016 has indeed been a very difficult year. We wrote off a lot of stock and have begun to restructure the company in order to guarantee our survival, which is the main point. Even though the preliminary signs are encouraging, there is obviously a lot of uncertainty. That is why I will not make any predictions on the year to come”, founder Roland Kahn told Quote.
