BHV Marais announced on Tuesday that it is seeking court-ordered receivership, according to BFM Business. The central Paris retailer accuses its landlord, Canadian fund Brookfield, of failing to pay the compensation necessary for its relaunch.
The department store's management states that this move aims to « sécuriser son plan de relance » and to « préserver l'activité et l'emploi ». According to a statement cited by BFM Business, the relaunch plan relies on an investment plan financed in particular by contractually agreed compensation in exchange for returning more than half of the store to the landlord in the spring.
Funding that was reportedly never released
BHV Marais's management explains that the relaunch was supposed to start as early as summer with these funds: restocking, redesigning the retained floor space, re-engaging with customers. But « sans ces fonds, elle n'a pas pu l'être », it stresses. According to the same statement, « ce qui manque aujourd'hui à ce magasin, c'est la trésorerie qui lui est due ».
Management points to two necessary tasks: « d'une part, les investissements de la relance, d'autre part le traitement du passif ». For the retailer, this procedure « est, pour le BHV, le cadre de la relance, pas son échec ». It adds that it is freezing prior liabilities and ordering that they be dealt with, « sans oublier personne », while protecting the brands and suppliers that are returning, paid on schedule. According to management, the procedure would also provide « une autorité et un calendrier pour faire exécuter les accords signés par le bailleur et les inscrire dans le plan ».
Brookfield denies any responsibility
In a statement sent to AFP, Brookfield, the owner of the BHV Marais premises, categorically denies owing any sum to the retailer at this time. The Canadian fund believes that saying the relaunch of BHV's business depends on the site's landlord « inverse totalement la réalité des faits ». According to Brookfield, « c'est l'inexécution des propres engagements du BHV qui conduit à la situation actuelle ».
For his part, BHV Marais's PDG, Karl-Stéphane Cottendin, who took over the retailer in June, told Figaro that this is a « étape stratégique de la restructuration » undertaken by management.
An establishment already under scrutiny
L'établissement, sold at a loss in June by SGM, owned by Frédéric Merlin, to some of its executives, is also the subject of suspicions by the labour inspectorate, which suspects a cessation of payments. Management disputes this assessment.
