French retailer Galeries Lafayette is asking for €60m from UK food and clothing retailer Marks and Spencer following the acquisition of M&S’ French business in December 2001.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The claim centres on the “significantly costlier than planned” redundancy programme negotiated between M&S France and its staff. According to Galeries Lafayette, M&S upped its offer in the last few days of the negotiations which led to the vast majority of staff accepting severance terms.
Galeries Lafayette co-chairman, Philippe Lemoine said he hoped the dispute could be settled out of court.
Acquiring M&S France, which included the purchase of its Parisian flagship store in the rue du Rivoli, for an estimated €67m was expected to have a neutral impact on the French group’s accounts. However, it finally weighed on its current result to the tune of €4.4m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
