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August Debouzy assisted Galeries Lafayette stores in connection with the safeguard proceedings initiated by the Hermione companies
Communiqué M&A Restructuring Operations | 29/04/24 | 1 min. | Laurent Cotret Clément Quernin
August Debouzy assisted Galeries Lafayette Stores in connection with the safeguard proceedings initiated by HERMIONE RETAIL, HERMIONE TPR and HERMIONE OUTLER, subsidiaries of the FIB group (Financière Immobilière Bordelaise), before the Bordeaux Commercial Court. A leader in commercial real estate, the FIB group, owned by Michel Oyahon, operates shopping malls (Camaïeu, Go Sport, Gap France, La Grande Récré, Galeries Lafayette stores) and hotels (Trianon Palace in Bordeaux, Grand Hôtel de Bordeaux, Sheraton de Roissy).
By judgments dated 20 March 2024, the Bordeaux Commercial Court validated the three safeguard plans that will enable the FIB group to continue operating 25 Galeries Lafayette stores across France, representing some 1,000 jobs in Agen, Amiens, Angoulême, Bayonne, Beauvais, Belfort, Besançon, Caen, Cannes, Chalon-sur-Saône, Chambéry, Dax, La Roche-sur-Yon, La Rochelle, Saintes, Libourne, Lorient, Montauban, Niort, Rouen, Tarbes and Toulon, as well as in Tours, Rosny-sous-Bois and Coquelles near Calais.
The safeguard plans provide for partial repayment of unsecured creditors up to 30% over ten years and a revival of the business through investments to modernize the stores and integrate new brands.
August Debouzy advised Galeries Lafayette Stores, with a team led by Laurent Cotret (partner) and Clément Quernin (senior associate).
Darrois Villey Maillot Brochier (François Kopf, Mathieu Della Vittoria, and Anaïs Alle), Dacharry & Associés (Jean-François Dacharry) and OPLUS (Baptiste de Fresse de Monval and Marie-Valentine Geronimi) advised the debtor companies.