Dutch lingerie brand Hunkemöller has closed another 45 shops following a net loss of €14.8 million over 2023, its annual report shows.

Last year, owners Dutch investment companies Parcom (which also co-owns HEMA) and Opportunity Partners, which took over the chain two years ago, were forced to close 45 shops as high inflation and lower disposable income depressed sales by 8% to €542 million.

It suffered a further loss due to a 109 million euros write-off of goodwill from its new shareholders.

The chain also opened eleven new stores. E-commerce, both in its own webshop and via platforms, accounts for only a quarter of sales, retail site Retaildetail.eu said.

Hunkemöller has some 170 shops in the Netherlands and is also present in 19 other countries, mainly in Germany, Belgium and Austria and employs 7,400 people.

The company borrowed some €50 million in June which will enable it to meet its financial obligations for the next twelve months but its position remains precarious.