Dutch musical instrument retailer Bax Music has been declared bankrupt.
According to De Telegraaf, Bax Music was officially declared bankrupt today by The Netherlands’ Zeeland-West-Brabant court. The ruling reportedly comes after years of financial strain, with the company owing money to multiple investors and creditors, including the Dutch Tax Authority.
The company also suffered financially throughout the COVID-19 pandemic, as well as a fire in 2023 that damaged numerous pieces of expensive gear.
Reportedly, the company originally approached the court hoping to suspend repayments on its debt. This request was denied, and likely spurred on the official bankruptcy ruling.
Bax Music is one of Europe’s largest online music retailers, with six brick-and-mortar stores across the Netherlands and Belgium, 300 employees and an operation across Europe.
Despite the news, one of the company’s co-founders, Jochanan Bax is keen to relaunch the brand in the future. According to the NL Times, Bax insists that investors are already showing interest.
Bankruptcy rulings are slowly becoming commonplace within the industry. Bax Music follows in the footsteps of Sam Ash, a US instrument retailed that shut up shop last May. Instrument manufacturers have also been suffering as of late, with Japanese brand Fernandes Guitars also filing for bankruptcy in July.
Elsewhere, Brighton’s iconic GAK may be doomed to face Bax Music’s fate very soon. According to local newspaper, The Argus, the instrument store has been shuttered up for a few days, with the company’s website also being taken offline. Seemingly there are hopes that a buyer could save the business, as it has been listed on Business Sale Report.
