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The Commercial Court in Surabaya decided that PT Hardys Retailindo and PT Grup Hardys, which belong to Balinese businessman Ir. I Gede Agus Hardiawan, are now insolvent or bankrupt.  The insolvency decision was made after all bank creditors in Jakarta, the tax department and other creditors checked PT Hardys Retailindo’s debts.

Hardys was one of the largest retail brands in Bali, which had thousands of employees and dozens of outlets spread all over the island of Bali, even Mataram and East Java.

“We had Rp 2.3 trillion in debts, and the amount of tax to be paid was Rp 40 billion,” I Gede Agus Hardiawan said. To pay the debts, Hardiawan is now selling the company’s assets with the help of a curator team that was assigned by Surabaya’s Commercial Court.

So where did Hardys go wrong?

“There are several causes, one of them is the public’s weakened purchasing power, because right now people tend to save their money,” Hardiawan told on Saturday.

Another cause is the vast growth of minimarts on the island that have now extended to the villages. The development of the national level minimarts has decreased Hardys selling power.

“These little minimarts are the ‘refrigerator’ of the community and the concept is well accepted by the people because they are established in all areas, with a very strong national network. We are bankrupt because of it,” said the owner of Hardys.

Hardiawan added, after Hardys, there will be more companies bankrupt if there is no action from authorities on this policy, because they cannot compete with a national network with a powerful capital backing. The local food stands, stores, and minimarkets will be substituted by national network modern minimarts, he warned.

The other factor that helped to bankrupt Hardys was that they were late to follow online or e-commerce business. “We were too late to anticipate e-commerce. If others are too late, they too will face the same fate because online business is affecting everything right now,” he said.

Image: Hardys is Gone. (