The coronavirus crisis has hit Celio hard: the French fashion chain has requested protection from creditors. For the time being, the Belgian stores are not affected by the measure.
100 million euros loss of turnover
The retailer, who specialises in men's fashion, refers to the heavy impact of the lockdown, which left its 1585 stores worldwide closed for two months. As a result, the group lost some 100 million euros in sales between March and May. The retailer stated that it was unable to reach an agreement with the banks and therefore decided to place its holding company Celio International and its French subsidiary Celio France under judicial protection. The other foreign activities, including the thirty Belgian stores, are not affected by the measure, L'Echo knows.
This solution will enable the group to safeguard its cash flow in the coming months in order to give itself time to resume commercial activity and adapt the transformation process already underway, says the press release. Celio employs more than 4,000 people worldwide. The retailer is present in sixty countries.