BHV Marais, the historic Paris department store, was placed under court-supervised restructuring on Monday, November 2, after several setbacks in recent months.
The Paris Commercial Activities Court opened restructuring proceedings for SEGM BHV, the company that includes the Bazar de l’Hôtel de Ville in central Paris and BHV Parly 2, located in a shopping centre in Yvelines. The group employs 700 people, according to figures from September.
BHV Marais had announced on October 27 that it had requested the proceedings in order to secure its recovery plan and preserve operations and employment.
The company’s president, Karl-Stéphane Cottendin, has accused the department store’s landlord of failing to pay compensation linked to the return of more than half of the store’s premises. Management said its recovery plan depended partly on investment financed by contractual compensation agreed in exchange for returning the space to the landlord, Canadian fund Brookfield, in the spring.
Brookfield rejected the accusation, stating that it categorically denied owing BHV any money at that time.
Sources: Le Monde Économie.