(update) Interior design chain Casa International has filed for bankruptcy. The Belgian company says it can no longer pay its debts. The international stores remain open nonetheless , for now.
Red figures
Casa had been in the red for some time. At the end of October, the chain filed a new application for judicial reorganisation. Now Casa International and Casa Logistics are filing for bankruptcy. As a result, in addition to at least 63 Belgian stores, the distribution centre and head office based in Belgium will close affecting 544 employees, the company said in a press release.
The previous court reorganisation, although the chain negotiated a debt rescheduling, “unfortunately did not lead to the intended result”, the company now admits. The retailer also sought fresh capital, but talks with as many as 12 unnamed parties ultimately yielded nothing. However, the chain had talked about several possible relaunch scenarios.
No candidates
It will be a complete bankruptcy, confirms Johan Van Loon of union ACV Puls, who has little hope of a relaunch. “Talks with potential candidates have yielded nothing. There is no acquirer waiting in the wings. As all ongoing negotiations have spun off and taking into account market conditions, it does not look favourable.”
The Belgian shops and webshop are closed, possibly reopening later for a clearance sale. The branches abroad, including in the Netherlands, France and Luxembourg, remain open for the time being. “We cannot yet draw any conclusions about what will happen,” Vincent Nolf told VRT Nws. However, since the international stores fully depend on Casa International and Casa Logistics for their assortment and supplies, Van Loon expects the curtain to fall there too.
