The opening of this safeguard procedure follows “the difficulties of activity due to the social movements of the end of the year 2019” and “the Covid crisis”, according to Eric Vandendriessche, CEO of the company Phildar quoted in a communicated.
“The backup period that opens allows Phildar to initiate a reorganization plan to ensure its sustainability,” says the company without giving more details. Questioned, a spokesperson of the direction however indicated that “the offers of recovery will be studied from next week” by the administrators, for a decision “in about a month”.
The company, owned by the Mulliez Family Association (AFM), generated revenue of € 35 million in 2019, for an undisclosed net profit. It employs 223 people, including 131 in stores. Its products are distributed in over a hundred Phildar stores and in other independent boutiques and distribution points.
Sales of knitting yarn represent around 75% of turnover, compared to 25% for ready-to-wear. The Phildar brand was created in 1946, but its origins date back to 1903 in Roubaix when a spinning mill was created.
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