The Galeries Lafayette group accepted the modified safeguard plan proposed by businessman Michel Ohayon, who owns 26 stores. The Bordeaux commercial court will deliver its deliberations on March 20, 2024.
What about the future of the 26 Galeries Lafayette owned by Michel Ohayon? As well as the thousand employees who work there? The Bordeaux commercial court looked into the case this Wednesday, February 21, 2024, while the stores are placed in safeguard procedure. A plan was proposed by the Bordeaux businessman.
The Galeries Lafayette “abandon 70% of their debts”, “accept that the remaining 30% be paid within 10 years” as well as “review the commission rate in two years”, declared Maître Stéphane Kadri, lawyer for the central social and economic committee (CSEC) of Hermione Retail, which oversees most of the 26 stores, cited by The Parisian.
In short, Galeries Lafayette and Michel Ohayon have reached an agreement to present to the Bordeaux commercial court on March 20.
Court decision on March 20
At the same time, this night, “the forecast for a growth rate of 11% has been reduced to 4%”, added the lawyer. According to him, all creditors and agents now support the business continuation plan for the 26 Galeries Lafayette stores owned by Michel Ohayon. Galeries Lafayette did not wish to comment.
As a reminder, the 26 stores concerned are present in Agen, Amiens, Angoulême, Bayonne, Beauvais, Belfort, Besançon, Caen, Cannes, Chalon-sur-Saône, Chambéry, Dax, La Roche-sur-Yon, La Rochelle, Libourne, Lorient, Montauban, Niort, Rouen, Saintes, Tarbes, Toulon, Tours, Pau, Rosny and the Coquelles Outlet.
Michel Ohayon’s brands follow one another in the announcements of judicial recovery. After Go Sport, Camaïeu and FIB, the leading figure of the businessman’s companies, Galeries Lafayettes are also the subject of such a procedure. The Bordeaux commercial court will deliver its deliberations on March 20, 2024.