Lord Buddha Plans To Close At Least Two French Stores And Lay Off Workers.

entity Retailer The latest case of attack is from the department store of Lord Buddha. The two shops are planned to be closed, a Beziers in southern France and another Thiais in the southern suburbs of Paris. The correction of loss in department stores is likely to extend to the Lille store in northern France. Since its opening in 2007, the Lille store has been making no profit. If it fails to successfully negotiate with a shop owner, a more competitive lease, the store will probably be closed. The outcome of the consultation will be announced in the next few weeks.

There is also a layoff plan which will involve nearly 300 employees. According to Reuters reports, the Department of Commerce will open a voluntary separation plan for 90 employees at headquarters, which will cut 60 jobs in the supply chain to cut costs. At present, there are 117 employees in Thiais store, 45 in Beziers store, 134 in Lille, and 130 Lille jobs are in an outstanding state.

And the Department of foreign trade said that this series of shops is trying to stop. Recurrent deficit To regain the ability to invest and maintain competitiveness, it will be a key part of the spanformation plan of "2020 ambition" in the Department of Lafayette department store.

"Retailers must now" accelerate reengineering "to ensure sustainable business in the depressed economic environment and raise funds for more expansion channels. CEO Nicolas Houz e of Lord Buddha's department store said.

Since its establishment in 1894, the Department has operated 59 stores in France. By 2014, Lafayette department stores actively expanded overseas markets, and extended to Berlin, Casablanca, Jakarta, Dubai and Beijing, including Beijing stores jointly owned by Hongkong retail group I.T.

However, the operation of Beijing store has not been ideal. The loss has been expanding continuously in 2014. From October 2013, the joint venture store was put into operation, and in the first half of August 2014, the loss was increased from HK $10 million 700 thousand to HK $20 million. According to the times weekly report, the information disclosed by the interactive platform of the Shenzhen Stock Exchange also shows that due to the long rental contract stipulates the way of rent extraction, the loss of the Department of general Lafayette has also accumulated property owners. According to its semi annual financial report in 2014, the income of Beijing Xidan Mei Sheng Plaza, which was leased by Lafayette department store, was 11 million 730 thousand yuan, far below that of Financial Street shopping center.

however Beijing The store did not dissolve the ambition of the old Buddha to expand the market. It also plans to open a new store in Milan, Doha and Istanbul in 2018, which will help it get in touch with the high consumer buyers in more emerging markets. Meanwhile, Lafayette department store also hopes to become a full channel retail benchmark for the French fashion industry through the promotion of the Milan market, and set up its own style in the field of international capital. In 2018, Lafayette department store will open a new store on Champs Elysees in Paris. They believe it will set off another round of tourism boom for the central streets of this fashionable capital.