The brand of ready-to-wear male Celio, which employs more than 4000 people in the world, has sought on Monday the commercial court of Paris to be placed under backup procedure because of the economic consequences associated with the crisis of the Covid-19.
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“The brutal closure for two months of his 1585 shops in the world (…) resulted in a loss of revenue for the group almost 100 million euros between march and may 2020,” says Celio in a press release. Nearly 300 shops are still closed in a country that is still affected by the Covid-19, clarifies the brand, founded in 1978, and which presents itself as the “leader” of its sector for the past 30 years, with approximately 6% market share in France.
“could Not find an agreement with its banking partners, Celio decided to place the company Celio France as well as its parent company Celio International under the protection of the tribunal de commerce with the opening of safeguard procedures”, highlights the brand. For Celio, whose shareholding is 100% family friendly, “this solution will enable the group to preserve its cash during the next few months to give yourself time in the recovery of the commercial activity and to adapt the transformation already committed” in 2019.
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The procedure does not concern the foreign subsidiaries of the group, nor any of its affiliates in France and an international franchise. In 2019, the brand has reached 465 million euros of turnover in France.
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