Euro Shoe Group, owner of Bristol shoe and clothing stores, has filed for judicial reorganization at the Hasselt court in search of potential buyers to maintain employment levels. With 117 stores in Belgium, the group has announced its decision citing challenges such as store closures during the corona crisis, rising costs, and declining revenues.
Despite showing signs of improvement in 2022 with its first operational profit in years, the situation worsened again in the autumn of 2023. CEO Elise Vanaudenhove stated that the entire market had suffered and turnovers continued to decline, leading to the need to seek buyers for the group.
If approved, Euro Shoe Group plans to work with a legal representative to find potential acquirers in the retail sector for parts or all of the organization. The Bristol stores will hold sales to ensure continuity during the process. Founded in 1925, the family-owned business has approximately 170 employees at its headquarters in Beringen, with independent operation of stores across Belgium.
The organization’s business in Netherlands is not involved in legal proceedings. The group’s decision to seek buyers comes from ongoing financial challenges and a desire to secure a sustainable future for both its business and employees.
