Paris Spring Department Store Plans To Close 7 Stores And Lay Off More Than 400 Employees

Paris spring, a French retailer, said on Tuesday it plans to close four department stores of the same name and three citadium stores and cut 428 jobs, or 14% of its employees.

The company said it would permanently close stores of the same name in Piazza Italia in Paris, as well as department stores of the same name in Le Havre, Strasbourg and mace, as well as citadium stores in the Champs Elysees and national square in Paris, as well as in the southern city of Toulon.

Paris spring said the store closure would take place before January 2022, adding it would look for buyers for stores that decided to close.

Since May 11, major shopping malls in France have gradually opened to business, but the passenger flow has recovered slowly. According to the data released by the French Federation for the promotion of trade, the passenger flow of non food retail industry decreased by 40% and 35% in May and June, respectively. Compared with previous years, the summer discount season in France has been postponed for three weeks, and many businesses have increased their discount efforts. In the first week, they have launched a discount of 60% or even 50%, but the sales situation is still unsatisfactory. Compared with the results of last year's sales promotion in Paris, about 87% of the businesses surveyed were very disappointed with the results of sales promotion in Paris.

French "Figaro newspaper" analysis said that the epidemic led to the closure of French businesses for nearly two months, had an impact on cash abortion, accelerated the adjustment and restructuring of the brand. Consumers are more and more keen on online shopping, prompting many offline stores to take online transformation measures, and even close stores to save money.