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AFP Translated by
Roberta HERRERA Published
January 20, 2025
On February 14, the Commercial Court of Bordeaux will review the continuity plan put forth by businessman Michel Ohayon for the approximately 20 Galeries Lafayette stores he owns in the French provinces. This information was obtained from a lawyer representing the employees.
The hearing was originally scheduled for January 10, but the plan had not been finalized at that time. Hermione Retail, the company overseeing most of the 26 stores placed under safeguard proceedings since last February, employing a total of 1000 employees, finally submitted the plan on January 12.
"The court will need to either approve or reject this plan and, in the event of non-approval, specify whether Hermione Retail will be placed under judicial reorganization," stated Stéphane Kadri, lawyer for the CSE (Social and Economic Committee) of the company.
"We are dependent on the position that the Galeries Lafayette group, the principal creditor and, more importantly, the main supplier of the stores owned by Hermione Retail, will adopt," added the counsel.
In 2025, Michel Ohayon acquired 22 stores from the family group located in Agen, Amiens, Angoulême, Bayonne, Beauvais, Belfort, Besançon, Caen, Cannes, Chalon-sur-Saône, Chambéry, Dax, La Roche-sur-Yon, La Rochelle, Libourne, Lorient, Montauban, Niort, Rouen, Saintes, Tarbes, and Toulon.
In 2025, he acquired three additional stores in Tours, Pau, and Rosny-sous-Bois, along with an outlet in Coquelles near Calais.
According to a union representative interviewed on January 10, the continuity plan envisions selling the Pau store and waiving 70% of the debts.
"We've been hearing the same promises for a year now—that they will increase turnover to generate profit margins and repay their debts—but how are we going to do that? We've been losing turnover for four years now," remarked Véronique Guichenay, an employee at the Dax store.
According to a source close to the case, before the last hearing, the judicial administrator expressed a negative opinion regarding the continuation of the business, as liabilities had increased despite the safeguard procedure, reaching 153 million euros by the end of December.
On February 14, the court will also examine the situation of Financière immobilière bordelaise (FIB), the main holding company of Michel Ohayon, which included other textile brands (Camaïeu, Go Sport, Gap France) acquired in recent years and either liquidated or sold over the past 18 months due to substantial indebtedness.