What: Printemps group issues a recovery plan which includes the closure of several stores.

Why is it important: in order to avoid losses, respond to market requirements, and ensure its long-term sustainability, the Printemps group is now obligated to transform its shop network and its organisation.

The French market has been structurally challenged for some years and aggravated by a number of economic disruptions (attacks, yellow jackets, strikes). Now, the Covid-19 crisis is the latest challenges retailers have to face. In order to reduce cost structure, French department store group Printemps has decided to close four of the group's 19 department stores (Paris Place d'Italie, Le Havre, Strasbourg, Metz) and three Citadiums stores out of 8 (Paris Champs Elysées, Paris Nation, Toulon) meaning the layoff of 428 employees.

The group decided to free up significant investment capacity in order to:

• Improve their digital presence and make their omnicanality an essential lever for growth
• Strength the differentiation offer and reinvent the retail experience
• Redevelop its customer base

LE GROUPE PRINTEMPS ANNONCE UN PLAN DE RELANCE POUR ASSURER LA PÉRENNITÉ DE SES ACTIVITÉS