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Kroymans
Corporation, the official importer of Alfa Romeo and Ferrari
into the Netherlands, which has been hard hit by the
recent slowdown in
car sales due to its highly unfavourable mix of
automotive brands, has been declared bankrupt.
Kroymans
Corporation was formed in 2001, following Kroymans’
acquisition of A.R.M.-
Stokvis. Between them, the
two companies were able to look back on a long – and mainly
automotive related history dating from 1844.
Kroymans
Corporation has struggled financially as many of the
automotive brands it represents have rapidly fallen out of
favour with consumers. It is the European importer and
distributor of Cadillac, Corvette and Hummer for the whole
of the continent, SsangYong for the Benelux and Germany and
Saab, Jaguar, Aston Martin, Kia and Alfa Romeo for the
Netherlands. It is also a Ferrari and Maserati distributor
for the Netherlands.
Through Sator and Lasaulec,
respectively, Kroymans Corporation imports and distributes
automotive and industrial parts to its own dealer network
and third parties. Its dealer activities in the Benelux and
Germany cover the Saab, Opel, Cadillac, Corvette, Hummer,
Jaguar, Ferrari, Maserati, Alfa Romeo,
Ford, Land Rover, Kia, Suzuki, SsangYong, Nissan, Lancia,
Chevrolet, Aston Martin and
Volvo brands. The group is also active in the Netherlands
and Belgium in body repair
(Perfekta) and car rental under the leading National brand.
Kroymans has its own Leasing &
Finance division, whose products include general and
brand-specific leasing, dealer financing,
insurance and car fleet management.
Twelve days ago
Kroymans sought protection from creditors. "The sustained
downturn in the global automotive market is reflected in a
dramatic decline in sales of
both new and used cars, with no prospect of improvement in
the near future," read a statement issued by Kroymans
Corporation on March 20. "According to RAI Vereniging, new vehicle registrations in
the Netherlands,
Kroymans Corporation B.V.’s home market, were down 31.4
percent in February after
falling 15 percent in January 2009. In these market
conditions, which impact disproportionately on Kroymans Corporation B.V.’s
brand portfolio, the company is facing an acute liquidity
shortage.
Peter Cornelis, CEO
of Kroymans Corporation B.V. said: ‘It is extremely disappointing that we have not
been given the time and space to implement our recovery
plan. As a business, all we
can do is apply for moratorium to gain time to consider how
to arrive at the best
possible solution for our various operating companies and
for our people.’ Frits Kroymans,
shareholder in Kroymans Corporation B.V. added: 'That this step is
now unavoidable is
distressing to all concerned. In the present circumstances,
the important thing is
to devise the best possible solution for our staff and our
customers. They are crucially
important to the future of our business.'
Yesterday
Reuters quoted a statement issued by the Union CNV
Metaaltechniek that reported that the four key divisions
of Kroymans Corporatuon (Kroymans Corp B.V., Kroymans
Import Europe B.V., Kroymans Retail Group and Kroymans
Car Import B.V) had now been declared bankrupt.
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