Bax Music – a big musical instrument retailer headquartered within the Netherlands and serving Europe – has been declared bankrupt by The Netherlands’ Zeeland-West-Brabant court docket, in accordance with Dutch information outlet De Telegraaf.

The choice, made on Tuesday, 1 April, follows Bax’s request for a suspension of funds on its debt, which regularly comes as a precursor to chapter.

Bax Music has reportedly struggled with money owed in recent times, owing cash to varied collectors together with the Dutch Tax Authority. Its monetary woes have been made worse by COVID-19, after which by a hearth in 2023 which broken a lot of devices at a facility in Goes within the southwestern Netherlands.

Regardless of the chapter submitting, nevertheless, one of many firm’s co-founders, Jochanan Bax – who began it alongside his brother Nathanael – has expressed an curiosity in relaunching the model, saying some buyers have proven help for such a transfer.

Per NL Instances, Jochanan Bax not too long ago left Bax Music following a dispute with Nathanael Bax, however retains a stake within the firm.

Based in 2003, Bax Music has grown into certainly one of Europe’s largest on-line music retailers, with six brick-and-mortar shops situated within the Netherlands and Belgium and greater than 300 staff.

The information is the most recent sting for the musical instrument retail business, amid rumours Brighton, UK powerhouse GAK is having comparable issues.

Hypothesis started to swirl final week when Brighton residents noticed the store’s shutters closed throughout regular enterprise hours, with signage noting a seven-day closure for “upkeep”. Since then, the corporate has taken its web site offline, and a list has been created on Enterprise Sale Report – which describes itself as “the UK’s main market of small and mid-market companies on the market”.

For extra updates, head to Bax Music.