The judicial reorganization procedure in Belgium allows a company to negotiate an agreement with its creditors in order to stagger payments. Casa International began this procedure on October 30 before the company court in Turnhout, in the province of Antwerp (north), the Belga press agency said.
Market in crisis
The chain, which is suffering from competition from the Ikea group and online commerce in a market generally in crisis, has already closed or sold more than 10% of its approximately 400 stores in Europe, as part of a recovery plan put implemented at the start of 2024 and intended to return to profitability in 2026.
But “due to several unfavorable developments in the retail market, Casa International’s situation remains vulnerable,” explains the company. “This results in significant cash flow problems which threaten the continuity of the activity and require emergency measures,” adds Casa, who intends to “secure its future”.
Real estate market: what if the time was (finally) for a rebound?
Real estate has not yet emerged from the construction, marketing and credit crisis that the entire sector has been going through for more than a year. However, some positive signs suggest that the worst is perhaps behind us
Business
Related News :