Absolutely Independent founder Patty Geneste has used the Dutch press to hit back at Nordic World, the company that acquired her business last year and this week announced it had entered bankruptcy (as first reported by TBI).
Speaking to Dutch national newspaper De Telegraaf, Geneste criticised Nordic World and today confirmed to TBI that she has brought a law suit against the company.
The Nordic-based distribution group completed a deal for Absolutely last October before terminating a consultancy agreement with the founder of the formats company amid disagreements over its direction.
“The acquisition was not for the staff or a strategic fit,” Geneste told De Telegraaf. “It seems that it was purely to get contracts in hands, to score those revenue streams. The rest was unimportant.”
She said the bankruptcy proceedings were a panicked response to the situation Absolutely found itself in and is demanding compensation following the termination of her consultancy deal.
For its part, Nordic World told TBI earlier this week that it had done everything possible to avert the bankruptcy, but it had become unavoidable. In its communication to rights holders owed money by Absolutely, it talked of ‘financial disorder’ at Absolutely.
CEO Espen Huseby said there were issues with Absolutely it could not have known about before buying the company.