French-German electronics web shop Pixmania has asked for a safeguard procedure to be exempt from individual prosecution and to give it time to restructure the company. With that move, it hopes to avoid bankruptcy.
Pixmania now wants to focus on its position as a marketplace and to lower the company's costs. The safeguard procedure would give it 6 months to get things straightened out.
The web shop, launched in 2000, has been German Mutares' property since 2014. It was a pioneer in French online sales and then moved to physical stores with 10 stores of its own, which all shut down in 2013.
Back in 2010, the company's turnover reached 806 million euro, but the surge of other online companies forced the company down to a 295 million euro turnover in 2014. Several years ago, it employed 1,000 people, but that number has dwindled more than 50 %.