French luxury chain Hediard files for bankruptcy
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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.
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)