Another sign of hard clothing. After André, La Halle or Naf Naf, Celio, which employs more than 4,000 people worldwide, applied on Monday to the Paris Commercial Court to be placed under safeguard procedure because of the economic consequences linked to the Covid-19 crisis. .
"The sudden closure for two months of its 1,585 stores worldwide [...] resulted in a loss of turnover for the group of almost 100 million euros between March and May 2020," Celio said in a press release.
Nearly 300 stores are still closed in countries still affected by Covid-19, specifies the brand, founded in 1978 and which has presented itself as the "leader" in its sector for 30 years, with around 6% of market share in France.
"Preserve your cash for the next few months"
"Having been unable to reach an agreement with its banking partners, Celio decided to place the company Celio France and its parent company Celio International under the protection of the commercial court with the opening of safeguard procedures", underlines the sign .
For Celio, whose shareholding is 100% family-owned, "this solution will allow the group to preserve its cash flow for the coming months in order to give itself time in the resumption of commercial activity and to adapt the transformation already underway" in 2019. The procedure does not concern the group's foreign subsidiaries, its affiliates in France and international franchisees.