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Casa France is seeking protection from creditors and hopes for takeover candidates, but the curtain may soon fall on its 143 stores and 600 jobs following the bankruptcy of Casa’s Belgian branch.
Consequences of Belgian demise
Casa France has filed a request with a French court to be placed under judicial reorganisation, French news medium LSA reports. The company hopes this will allow it to continue its activities while it looks for takeover candidates. The step follows the bankruptcy of the Belgian branch earlier this month.
The Belgian branch was a separate entity whose demise has (in theory) no legal ramifications for the group’s other branches, but it did manage the logistics, IT and financial services for the entire group. Now that that support has disappeared, Casa is without this essential infrastructure in other countries. Without a quick takeover, both the network of 143 stores and the majority of the 600 jobs are at risk.
Several companies in the distribution sector have already shown interest in (part of) the French store portfolio, LSA reports. The appointment of judicial administrators must now follow quickly: they will work with management on a solution that should guarantee maximum preservation of shops and employment.
