The media and retail company Lagardère has received a guarantee from the French government on a loan of 465 million euros, according to the French official journal on Sunday. Official newspaper to read. This should mitigate the economic consequences of the corona crisis for the company. Lagardère owns, among other things, the station snack bar Smullers.
The corona pandemic was disastrous for Lagardère’s income. The retail division’s turnover, which mainly focuses on travelers at airports and train stations, plummeted by 66 percent in the third quarter of last year due to all travel restrictions. In the first half of 2020, sales were already 55 percent lower than a year earlier. In addition to Smullers snack bars, Lagardère also has clothing stores at Schiphol.
The guarantee, announced in the French Official Journal on Sunday, applies to a loan from twelve banks to Lagardère. BNP Paribas, Société Générale and the German Commerzbank, among others, are responsible for part of the financial injection.
In addition to its retail activities, Lagardère is also known as a publishing and media company. It is the owner of Hachette, the largest publishing house in France, and dictionary maker Larousse, among others. In addition, fall the magazine Paris Match, the newspaper Sunday Newspaper and radio transmitter Europe 1 under the group.
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