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Iconic Dutch Retailer Hema Files for Chapter 15 Bankruptcy

  • Hema sought U.S. court protection as part of debt overhaul
  • Flacks Group, Parcom are said to be leading bidders for Hema
A shopper browses homewares inside a Hema BV store in Tilburg, Netherlands.
A shopper browses homewares inside a Hema BV store in Tilburg, Netherlands.Photographer: Jasper Juinen/Bloomberg
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Dutch retailer Hema filed for Chapter 15 court protection in the U.S. in the latest step of a debt restructuring as the popular local firm prepares for its sale.

Chapter 15 shields foreign companies from lawsuits by U.S. creditors while they reorganize in another country. The filing came late Wednesday, the same day that Hema’s restructuring plan received support from the vast majority of its senior-ranking bondholders in a U.K. court process.