The court in Hasselt granted the application for judicial reorganization of the Euro Shoe Group (shoe stores in Bristol). The family business has 3 months to find a buyer. If this does not work, protection against creditors will be lifted and the Bering family company may still be declared bankrupt.
As announced earlier this week, the management of Euro Shoe Group (Bristol) has sought protection from creditors. Combined with other measures, such as selling shares, this would provide the company with some financial stability. This is necessary to convince potential buyers. Because there is, as CEO Elise Vanodenhove points out. The focus is mainly on strategic shopping points, which can be converted into the acquiring company’s brand.
After a comprehensive analysis of the application, the court in Hasselt ruled that 3 months of protection should be sufficient to find a buyer or reach another solution. The GRP3 procedure ends on September 7. There is hope for a quick outcome, especially for the approximately 1,000 employees (both our own employees on the payroll and employees in the franchise divisions and Dutch stakeholders).
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