Century-old shoe label, André has filed for bankruptcy. 🔐
PARIS — As the financial pain inflicted by the coronavirus continues to grow, a French court has opened bankruptcy proceedings for a century-old shoe label, André, upending its owner’s bet on an e-commerce and bricks-and-mortar combination.
A commercial court in Grenoble, France, kicked off the proceedings on March 31, a couple weeks after officials ordered store closures across the country to stem the spread of COVID-19. E-commerce site Spartoo bought the struggling shoe company in 2018 from Vivarte and last year invested 13 million euros in a bid to turn the business around, seeking to bulk up Internet sales while revamping retails sites, lowering prices and focusing on quality and style.
The efforts were beginning to bear fruit, according to the company, which flagged an improved performance over the past six months, but this was cut short by the sudden store closures, and a request for around 10 million euros in financing from state-owned Banque Publique d’Investissement was turned down.
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