France's Galeries Lafayette regional franchise owner Hermione People & Brands will have 70 percent of its debt to Galeries Lafayette Group cleared. The 26 regional department stores will keep their doors open.
Under the plan, Ohayon will see 70 percent of the 28 million euros of debt owed to its main creditor,Ohayon owns the stores under Hermione People & Brands, a subsidiary of his real estate and hotel conglomerate Financière Immobilière Bordelaise, or FIB Group. HPBarm Hermione People & Brands bought 22 stores from Galeries Lafayette Group.
In his filings, Ohayon said the 26 stores generate more than 200 million euros in turnover. The stores will stay operational, protecting about 1,000 jobs., and has been increasingly expanding abroad with outposts elsewhere, including Beijing, Chongqing, Shanghai and Shenzhen in China; Doha, Qatar; Jakarta, Indonesia; Dubai; Luxembourg, and Macao.
Under HPB, he acquired women’s casualwear chain Camaïeu in 2020, followed by Gap and Go Sport in 2021. Camaïeu was liquidated in 2022, resulting in the closure of more than 500 stores across and the loss of some 2,600 jobs, while Ohayon sold off the other brands after his big bet on the resurgence of retail following the pandemic failed to pan out.
The investigation is centered on the transfer of funds between subsidiaries, including Gap and Go Sport, among other alleged financial improprieties.
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