Acquisition of Cassis Paprika entails dozens of store closures

Cassis Paprika has found a new owner, which will continue a downsized version of the chain. As Futura Capital Fund gets the green light to take over 70 % of the chain, it means dozens of shops will close while 89 are saved.

89 stores saved

It was already known that Futura Capital Funds wanted to acquire 70 % of all shops, but now the news is confirmed. Fashion chain Cassis Paprika is making a relaunch under a new executive committee and with Paul Claes as its new CEO. The chain had been preparing for the partial takeover with a “silent bankruptcy” last month, but it was still waiting for the suspensive conditions and the receiver’s agreement.

In Belgium, the acquisition saves 37 shops and 189 employees will be retained, while 23 shops will close and 118 jobs are lost. Across Europe, the investor from Luxembourg is taking over 89 shops and 396 employees: in addition to the Belgian shops, this includes 21 branches in the Netherlands, fourteen in France, twelve in Germany and five in Luxembourg.

The news ends months of uncertainty at the chain. After a net loss of 7.8 million and bank debts that rose to 28 million in the 2022-2023 financial year, Cassis Paprika filed for judicial reorganisation early this year. The approved rescue plan this summer involved the closure of nine Cassis shops and a relaunch for Paprika: Cassis Paprika would continue as one entity, with a focus on plussize.