Between gifts for loved ones, Christmas decorations, and the desire to treat yourself by changing the decor a little, the end-of-year holidays are often a good time for interior decoration brands. The 2,500 employees of this Belgian decoration brand hope in any case that a Christmas miracle will arrive and save their jobs and their company which is threatened with bankruptcy for almost four years now.
Last June, Casa launched the operation “Everything must go”a massive clearance sale which aimed to accelerate the renewal of its in-store offering. Products sold with 70% off with the aim of generating some cash flow for this company which is sorely lacking. But this seems not to have been enough. The Belgian brand remains in a very delicate financial situation.
Casa in crisis since the 2000s
Being one of the French's favorite decoration brands does not protect you from the crisis. This is the unfortunate experience that the Casa company has been having for almost four years now. The brand first came close to bankruptcy in 2020 before the Lebanese-Swedish entrepreneur, Ayad Al Saffar bought it. But he was unable to save the group, which he sold to commercial director, Frank Pruijn.
Caught in a crisis from which it cannot emerge, the new management of the group explained that “the recent
negative market development of retail” thwarted the plans of the various buyers.
“Despite the progress made and due to several unfavorable developments in the retail market,
the situation of Casa International remains vulnerable. This therefore results in significant cash flow problems which threaten business continuity and require emergency measures.”
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Casa on the verge of bankruptcy.
Belgian justice gives Casa a reprieve
To cope with its financial difficulties, Casa International requested and obtained a reprieve on October 30. Belgian justice has in fact authorized the opening of a
“judicial reorganization procedure”due to“significant cash flow problems which threaten the continuity of the activity”. The commercial court therefore prevented the total bankruptcy of the company which now has a little time ahead of it to renegotiate your debts.
The owners and managers of Casa therefore have four months, until March 12, 2025, to reach an agreement with their creditors. “This approach should give the company the breathing space it needs to preserve business continuity and look to the future with confidence.”declared the management of Casa International, in a press release. This decision by the Belgian courts therefore represents good news for 2500 employees working in 400 stores and in eight countries.
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The Casa sign saved by Belgian justice.
Casa: how many store closures?
However, it is difficult to predict the exact consequences of this measure. A social plan validated at the beginning of the summer had planned the closure of forty-six stores in France, but since the judicial reorganization procedure, rumors indicate that this figure could in fact be much lower. The management of Casa International did not wish “go into detail regarding the evolution of the number of stores or collaborators per country this past year.”
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How many stores will close?
“Points of sale had to lower the curtain, employees had been informed, and ultimately, they remained open. Either the plan was not justified, and this is a serious erroror there is another intention behind it. Will there be a judicial recovery procedure? A liquidationto avoid paying the bill for the social plan?”deplores Élodie Ferrier, federal secretary of the CGT Commerce and Services, who fears that the company will disappear completely.
