AMSTERDAM (AP) — IMpact Retail BV, owner of 118 Dutch retail electronics stores and websites, has filed for bankruptcy, the company says in a notice in on its website.
The privately-held company has around 980 employees, said Marije Perdon, an external public relations firm hired to answer questions for IMpact on Tuesday.
IMpact's chains include the "It's," ''Modern Electronics" and "PrijsTopper" names. It was estimated to have around 1,500 workers and €400 million in sales in 2005, when private equity Kohlberg Kravis & Roberts sold it for an undisclosed sum to Van Lanschot bank and private investors, including the company's own management.
IMpact has faced competition from larger chains such as MediaMarkt and BCC, owned by Germany's Metro AG and Britain's Kesa Electricals PLC.