Business
READEN HOLDING CORP (PINKSHEET: RHCO) Takes majority stake in Neckermann.com
READEN HOLDING CORP (PINKSHEET: RHCO) Takes majority stake in Neckermann.com.
About this update from Readen Holding Corp.
[{"type":"text","content":"On January\n25 2016, Readen Holding Corp a Nevada Corporation (The “Company”) enter into an\nMerger agreement (The “Merger Agreement”) with Neckermann.com webshop BV a\nDutch Limited liability company (“Neckerman”) \n\nOn the same\ndate the company entered into an asset transaction (The “Asset Transaction”) to\nacquire 8 stores in the Netherlands and 5 Stores in Belgium.\n\nPursuant to\nthe terms of the Merger Agreement the company agreed to acquire 100% of all the\nissued and outstanding shares of Neckermann.com webshop in exchange of 22,75%\nof the issued and outstanding shares of Readen Retail BV, a fully owned\nsubsidiary of Readen Holding Corp.\n\nAs a result\nof the Merger Agreement the company became a significant majority owner of\nNeckermann.com, The Merger Agreement contains customary representations,\nwarranties and conditions. \n\nAs a result\nof the Asset Transaction The Company is able to open 13 stores in 2 countries\nwithin one months’ time. These stores have well trained staff and are visited\nby many customers daily.\n\nAbout Neckermann.com webshop BV & the 13\nstores\n\nNeckermann\nwas started in the 1930’s in Germany as one of the first post order companies\nof Europe, and quickly grew to be the biggest post order company of Germany. In\nlate 1960’s Neckermann also entered the Dutch market. With the approval of the\nDutch financial authorities Neckermann was able to offer its goods on consumer\ncredit.\n\nNeckermann\ngrew to be one of the biggest retailers in The Netherlands. In 2012 Neckermann\nhad a turnover of over €100.000.000 but was having issues adapting it strategy\nto an online webshop. Because of high operating expenses Neckermann needed to\nfile for bankruptcy in 2014. After a quick restart of the company Neckermann\nHolland was sold to a Dutch private equity company. \n\nEnd of 2015\nNeckermann.com was able to obtain the approval of the Dutch Financial\nauthorities again and is one of only a few companies in the Netherlands allowed\nto sell on consumer credit again, this will significantly boost sales.\n\nNeckermann.com\nis one of the most recognizable brands in The Netherlands with a brand\nawareness of over 80% and a database build in the past decade including 2.4\nMillion Email addresses 600.000 house addresses and 110.000 credit ratings of\nformer Dutch Neckermann.com customers. \n\nThe 8 ...