Bax Music, a prominent name among musicians in the Benelux region, has requested a suspension of payment as of March 28, 2025, due to severe financial difficulties. The Zeeland-based company confirmed the news following reports from the regional newspaper PZC. The request comes amid claims of enormous debts and a significant drop in turnover, particularly following the challenges posed by the COVID-19 pandemic.
According to co-founder Jochanan Bax, the company has faced a series of setbacks since the pandemic began. "Things have gone wrong since corona," he stated. During this period, live performances ceased, which significantly impacted sales. While the business did receive financial support during the pandemic, this assistance has since required repayment, further straining the company's finances.
In addition to the pandemic’s effects, a devastating fire in 2023 caused approximately 10 million euros in damage, which, according to Bax, diverted focus away from commercial activities. This series of unfortunate events has led to a substantial debt to the Tax Authorities, contributing to the current financial crisis.
Earlier this week, the management team attempted to initiate a restructuring process to stabilize the company. However, plans for this restructuring fell through due to a "difference of opinion" among shareholders regarding the company's future. Jochanan Bax was dismissed as the sole director amid these disputes, which involved his brother Nathanaël, their father-in-law Hans van Deursen, and investor Rabo Participaties. The shareholders were divided over whether to sell the company or pursue growth, with Jochanan Bax advocating for the latter.
In a press release, Bax Music expressed regret that the management team was unable to execute their plans to stabilize the company, stating, "The management and the strengthened team have done everything possible to prevent damage to customers, suppliers, and other parties." The company emphasized its efforts to attract new capital and stabilize operations since December 2024.
Despite the turmoil, Bax Music remains one of Europe’s largest online music retailers, having been founded in 2003 by the Bax brothers with a store in Goes. Over the years, it has expanded to include locations in Apeldoorn, Rotterdam, Amsterdam, Antwerp, and Bruges, and employs around 300 people, primarily in the Netherlands.
As the situation unfolds, an interim management team has been appointed to explore potential options for a restart. A receiver will also investigate the feasibility of reviving the company. Jochanan Bax has indicated his intention to bid for the remaining shares after the anticipated bankruptcy, stating, "This is my baby, after all." He remains hopeful about the company's future, despite the overwhelming challenges it faces.
Industry expert Daniël Verheij, editor-in-chief of the webshop trade magazine Twinkle, highlighted the significance of Bax Music within the musical community, noting, "For a new guitar, you go to Bax Music. In that world, it is a household name." The company has cultivated a strong reputation among musicians, making its potential closure a notable event in the industry.
As the receiver begins to assess the situation, the music community watches closely, hoping for a resolution that allows Bax Music to continue serving musicians and music lovers alike. The coming weeks will be critical in determining whether the company can navigate its financial storm and emerge stronger.
