Here we are. The tornado of global retail it overwhelms everyone: large, small and medium-sized groups, square meters even giants like the French group of the house Conforama, who decided yesterday the closure of 40 stores in France (but soon the blow will come to us too) and in the 2020 will arrive the layoff of 1.900 employees out of about 14 of those who are employed in France.
The budget presents a colossal six billion dollar hole, due to insane management and embezzlement by the South African company that acquired Conforama, the Steinhoff, plunged into a financial scandal complete with bankruptcy.
In April, Conforama had announced a restructuring and refinancing plan of 316 million euros primarily intended to pay part of the debts and subsequently to restructure the loss-making stores.
In January the group had sold to Carrefour – which, moreover, is not doing very well – 17 percent of the capital of the French number 2 of online destocking for a value of 78,9 million euros. Stenhoff's credit funds they started already in 2018 to prepare a sales plan but at the same time they have to clean up Conforama of everything that has produced debts and holes, including lost sales and market crises. Competition at bargain prices Amazon and Ikea it has given a heavy contribution to the troubles of a management, by the bankrupt shareholder, in constant loss.
