Budget footwear retail group Schoenenreus was declared bankrupt on Thursday, two days after being given court protection from creditors.

Talks with the company’s bank ING failed to produce results and the official receiver said he had no choice but to ask for bankruptcy, news agency ANP reports.

Schoenenreus went bankrupt at the beginning of 2013 but launched a restart the same day with 200 stores.

However, the company, which now has 140 outlets in the Netherlands and Belgium, was unable to head off the impact of the economic crisis and growing online sales.