Paris: BHV du Marais placed in judicial recovery
The filing for judicial recovery of this department store had already been requested several days ago.
This is a new twist in the long series of this company in difficulty. This Monday, the iconic Parisian department store BHV was placed in receivership on Monday. The Paris Economic Activities Court has decided to open "a legal recovery procedure" with regard to the SEGM BHV, which notably includes the historic Bazar de l'Hôtel de Ville, an institution in the heart of Paris for 170 years, and the BHV Parly 2, within this shopping center in Yvelines, in Île-de-France, according to a document consulted by AFP.
The brand employs 700 people, according to September data. “We have a crucial period ahead of us” The department store was sold at a loss in June by the SGM of business manager Frédéric Merlin. Since then, the brand has been going through a lot of turbulence.
During the summer, the management of BHV Marais unveiled a recovery plan intended to bring the company back afloat, which had encountered a lack of cash flow, due in particular, according to management, to a dispute with the Canadian fund Brookfield, owner of the walls. The latter firmly contests this version. The BHV management “welcomed” the court’s decision.
“The protection of the commercial court should make it possible very quickly to materialize the discussions with Brookfield, owner of the walls, which we have been waiting for several months,” she argued in a press release on Monday, specifying that the BHV would remain open. “These cash flow challenges have undermined the best months of the year. We have a crucial period ahead of us,” said the company’s president, Karl-Stéphane Cottendin, quoted in the press release.
A bankrupt brand The staff representatives, like the brand's management, called for SEGM BHV to be placed in receivership. Its management admitted a few days ago that the brand was bankrupt, although it recently claimed not to be in cessation of payments. The Parisian department store has suffered numerous setbacks in recent years, accused of no longer paying its suppliers and condemned to criticism after a criticized partnership with the Asian online fashion site Shein.
For their part, staff representatives indicated that they wanted to first inform the site's employees before speaking publicly.
Machine-translated from French
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2 independent newsrooms report this story. BFM Business published it first, 33 min before the last one.
- BFM Business2 Nov, 15:51
- 20 Minutes2 Nov, 16:24
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