Galeries Lafayette: we know more about the future of the 26 stores threatened with closure

The Galeries Lafayette group accepted the modified safeguard plan proposed by businessman Michel Ohayon, who owns 26 stores (illustrative photo). Jörg Carstensen – DPA/MAXPPP

The Galeries Lafayette group has 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 commercial court de Bordeaux looked into the matter this Wednesday, February 21, 2024, while the stores are placed in safeguard procedure. A plan was proposed by the Bordeaux businessman. 

Les Galeries Lafayette "abandons 70% of their receivables", "agrees that the remaining 30% will be paid within 10 years" as well as "review the commission rate in two years", declared Master Stéphane Kadri, lawyer for the central social and economic committee (CSEC) of Hermione Retail, which oversees most of the 26 stores, quoted by Le Parisien.

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, last night, "the forecast of a growth rate of 11% was reduced to 4%", added the lawyer. According to him, all creditors and agents now support the business continuation plan of the 26 Galeries Lafayette stores owned by Michel Ohayon. Galeries Lafayette did not wish to comment.& ;nbsp;

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.

The brands of Michel Ohayon follow one another in the announcements of judicial recovery. After Go Sport, Camaïeu and FIB, a leading businessman's company, Galeries Lafayettes is also the subject of such a procedure. ;nbsp;The Bordeaux commercial court will deliver its deliberations on March 20, 2024.