The business continuation plan for the 26 Galeries Lafayette stores owned by Michel Ohayon received the support of its main creditor. The Bordeaux commercial court will deliver its decision under advisement on March 20, said a participant.
The plan mainly aims to avoid judicial liquidation for 26 stores in the Galerie Lafayette group. The businessman, in the grip of major financial difficulties, had to sell Go Sport and Gap France in recent years. The group abandons 70% of its receivables, accepts that the remaining 30% be paid within 10 years and review the commission rate in two years.