Clothing chain Bristol has run into problems due to the corona crisis. That is why the family business is discussing financing with the banks. “Our buffer has become too small,” says CEO Elise Vanaudenhove against the FD.
Previous negotiations with the banks when the Belgian stores had to close went wrong. Ultimately, the family’s real estate branch had to help out. “With that credit we were able to bridge the crisis. Survive, yes.”
It is not clear what exactly is being discussed with the banks. “It is not only about whether or not our covenants are met, but also about the financing in the medium term,” Vanaudenhove told the FD.
Vanaudenhove recently told De Standaard that the number of stores will probably fall from 250 to 210. Shifts will take place in both Belgium and the Netherlands. Twenty stores are not future proof and close in any case.