The 17 employees of Coop Breizh as well as the company’s main suppliers learned last week: the SME based in Spézet has an appointment this Thursday at the Brest commercial court to declare itself insolvent before a possible judicial recovery in the coming days, according to information from France Bleu Breizh Izel.
The main reason for this cessation of payment comes from the “catastrophic results“cultural products distributed by Coop Breizh in its approximately 2,000 partner points of sale, mainly in Brittany. Sales have fallen by around 15 to 20%, i.e. “tens of thousands of euros of losses over three months“, explains one of the managers of the SME.
Difficulties for several years
Coop Breizh has also been facing financial difficulties for several years, particularly due to the record crisis and Covid-related debts. Two years ago, the company had to make several redundancies and close one of its stores in Quimper to save money. Last year, the SME ended its music production business and sold its catalog to pay off some of its debts.
A real alarm signal
The cessation of payment and a possible judicial recovery should have consequences for Coop Breizh’s main suppliers, with in particular significant payment delays for around sixty Breton publishing houses and around a hundred music labels. Since its creation 65 years ago, the cultural products company has established itself as the main player in the distribution of Breton books and music.Even if the future of Coop Breizh is not threatened in the immediate future, it is a serious alarm signal.“, reacts one of the main regional suppliers of the Spézetoise company.
Whether it is placed in receivership or not, Coop Breizh intends to continue its activity despite everything.Despite the context, it is important to continue doing what we do: releasing new products, promoting our catalog and distributing them as widely as possible.“, concluded one of the company’s managers.
