The Euro Shoe Group, operating 117 Belgian shoe stores under its Bristol flag, has been granted protection from creditors until 7 September. The search for acquisition candidates can now begin in earnest.
Three months
The retailer had submitted the application for protection last week, and today the court in Hasselt has granted protection from creditors until 7 September, news agency Belga reported. The protection procedure only applies to the Belgian branch, but the chain is also looking for a buyer for the Dutch activities.
The company has been ailing for years, but in 2022 had seemed to have turned the tide with a first operating profit in a long time. However, partly due to persistent bad weather, sales collapsed again since autumn 2023 and the company has no financial buffers left. Three receivers were therefore appointed to find a buyer or buyers for all or part of the business. They will also oversee the stock liquidation, which started on Thursday to pay salaries and creditors.
Around a thousand jobs are at stake: 170 people work at the head office and the distribution centre in Beringen, the remaining people work in the 117 Belgian shops (operated by independent entrepreneurs) and the eighty Dutch branches.
