“Mentally, the employees are tired. Their lives have been put on hold for a year. » Véronique Guichena, employee representative, Dax store employee, speaks for all her colleagues at the end of the hearing…
“Mentally, the employees are tired. Their lives have been on hold for a year. » Véronique Guchenay, employee representative, employee of Dax store, speaks for all his colleagues at the end of the Commercial Court hearing this Wednesday, February 14. 26 owned by businessman Michel Ohioan. The proposed business protection plan for the Galeries Lafayette stores was once again examined, but the court did not rule. A new hearing is scheduled for February 21.
In the meantime, negotiations between the parties are ongoing. The plan aimed at exiting the security process presented by Michel Ohioan specifically counts on the abandonment of 70% of receivables and an 11% increase in activity in 2024. Employee representatives have already spoken out against the plan, saying in a press release that the growth hypothesis is “not realistic” and that, from a financial point of view, “the effort required for creditors is significant”.
Galerie Lafayette refuses the group plan
This Wednesday, the Galeries Lafayette group, in turn, opposed this safety plan by rejecting management proposals from Hermione Retail, Michelle Ohio’s company, which owns 22 of the 26 stores. The debts of the Galeries group reached Lafayette, the main supplier and creditor. 48 million euros. According to Hermione Retail staff lawyer Maitre Stephen Kadri, the parent company would be willing to accept the rescheduling of the debt, but not accept the change in the binding contract proposed by the merchant.
Harried by employee representatives, Hermione Retail’s interim director Michelle Mayer assured that negotiations would remain open. “I understand that it is difficult for you, but for the moment it is positive,” he assured, recalling that no layoffs have been made. Around a thousand employees in 26 stores are awaiting a decision.
