Hermione Retail, a French company owned by Hermione People & Brands (HPB) and controlled by businessman Michel Ohayon, is currently encountering difficulties with its 25 branches of Galeries Lafayette department stores. The employees of these branches have exercised their right to obtain financial information regarding the company’s current situation, but unfortunately, they have been confronted with management obstruction.
In light of this situation, Ohayon has announced that the Galeries Lafayette branches owned by HPB will undergo a job protection procedure to ensure their preservation. Although recent statements have claimed that the financial situation is stable and that there are no intentions to close any stores, the reality is that the branches have initiated a job protection procedure that is being monitored by the trade court.
It’s important to note that this procedure is not a judicial receivership. Instead, an application for job protection was filed with the trade court in Bordeaux. Rest assured, payments to creditors will continue during this process. Furthermore, Ohayon is also facing challenges with other retail chains under his control. Notably, the liquidation of Camaïeu in September resulted in the unfortunate loss of jobs for 2,600 employees. Additionally, Go Sport, another chain owned by Ohayon, was placed in receivership in January. Despite these obstacles, Ohayon remains optimistic that Go Sport will be sold before the conclusion of the procedure.
Moreover, Ohayon’s main holding company, Financière immobilière bordelaise (FIB), along with several subsidiaries, has been placed in receivership as well. It appears that FIB’s financial issues stem from unpaid loans to the Bank of China. As a result, it is evident that Ohayon’s businesses are facing significant challenges, and the job protection procedure for the Galeries Lafayette branches only represents a fragment of the broader issues he is currently encountering.
Useful links:
1. Galeries Lafayette Official Website
2. Trade Court of Bordeaux Official Website
