Blokker Holding, owner of high street household goods chains Blokker and Xenos and toy shops Intertoys, booked a €20m loss in 2014.

According to CEO Roland Palmer, who left the company unexpectedly last week, the loss is due to falling turnover and a difficult market.

Blokker Holding outgoings were also higher than in 2013 when the company made a profit of €60m. It is the first time the company has made a loss, the Financieele Dagblad says.

Last year, Blokker announced a revamp of 250 of its shops and the loss of 400 jobs. The company says in its annual report that the pace of this ‘transformation’ will now be increased.