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Sale of Printemps to Qatari fund on halt

By FashionUnited

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A French court has ordered a temporary halt to the 1.75 billion euros sale of French department

store chain Printemps to a group of Qatari investors. As revealed by French media, the change of ownership will be allowed to proceed once Printemps reopens a consultation process with main unions.

The Paris Court of Appeal ruled in favour of union representatives of the department store on Monday, which filed last summer a summons referred to obstruction offense. They argued at the time that the seller, Italian group Borletti, had not submitted their strategic information on the potential consequences, including social, of selling out to Qatar sovereign fund.

Unionists feared that more than 200 jobs would be cut, affecting to up to 3,400 employees. In August, the unions' claim was turned down by the Tribunal de Grande Instance (TGI) of Paris.

Six months later, the Parisien Court of Appeal reversed this verdict and ordered a "resumption of the regular consultation of the central committee of the company's corporate Printemps" under penalty of a daily fine of 10,000.00 euros, if the judgment is not applied within eight days, reported 'Le Figaro'.

Printemps