France Loisirs, in receivership, needs a buyer

published on Thursday, October 28, 2021 at 1:00 p.m.

Known to millions of homes thanks to its catalogs and shops, the leader of book clubs in France has been in receivership again since October 25, Sud Ouest announced this Thursday, the fault in particular of the Covid-19 pandemic.

The Covid-19 does not only cause human losses. Companies do not survive it.

France Loisirs stores, often located in shopping centers, have not withstood the successive confinements and closings of shops. They accounted for 60% of the turnover of the Actissia subsidiary, which also owns Chapitre.com.

After one restructuring carried out in 2019, France Loisirs wanted to raise a loan of 20 million euros, but the 150 stores of the France Loisirs network had to lower the curtain in March 2020, explained President Adrian Diaconu to the Actualitté website. In October 2020, Actissia succeeded in obtaining a state guaranteed loan of 10 million euros. But it was not enough to turn the business around.

The number of subscribers has dropped. “Our old model of the obligation to purchase has been greatly affected by the pandemic “, conceded in South West Adrian Diaconu, main shareholder of Actissia. And the new business model based on a subscription system has not had time to be developed.

Even if France Loisirs has registered 13,000 memberships since October 1, contacted by Actualitté after the decision of the Paris Commercial Court, Adrian Diaconu confided a bitter observation: “We have not managed to regain a sufficient level of activity. In July and August, the activity is usually less important, but in 2021, it was catastrophic. Employees told me: ‘We do not ‘never seen that, people disappeared’. “

France Loisirs is looking for a buyer via a call for tenders. In the meantime, the stores remain open with the minimum objective of maintaining the link with the members.

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