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French luxury chain Hediard files for bankruptcy

afp

France's luxury Hediard chain, which specialises in fine foods and confectionery, has filed for bankruptcy, a source close to the case told AFP on Monday. Founded in Paris in 1854, Hediard now has shops in 30 countries around the world.

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France's Hediard chain of luxury food stores has filed for bankruptcy, a source close to the case told AFP on Monday.

Hediard, which has shops in 30 countries from Madagascar to Vietnam, declared itself insolvent at a commercial court in Paris, said the source. A hearing is due to take place on Thursday to determine whether an administrator should be appointed.

The fine foods and confectionery stores opened in 1854 in Paris as a small shop specialising in exotic foods and soon began expanding.

Hediard made its first foray onto the international scene when it opened in Japan in 1973. It now has a restaurant in Moscow and six cafes scattered among a number of countries, including Singapore.

In 2007 the Luxadvor group, controlled by Russian tycoon Sergei Pugachev, bought the chain in a deal that was supposed to help it expand further abroad, but Hediard has reportedly been losing money for the past six years.

(FRANCE 24 with wires)

 

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