Euro Shoe Group, a family-run business founded in 1925, has been struggling with financial difficulties for several years. The company operates 117 shoe stores in Belgium and employs around 170 people at its headquarters and warehouse in Beringen. Factors such as store closures during the pandemic, increasing rent and energy costs have contributed to the company’s crisis. Despite a brief period of operational profit in 2022, the company’s situation deteriorated again in the autumn of 2023.
In an effort to address these challenges, Euro Shoe Group has applied for judicial reorganization at the Antwerp corporate court, Hasselt department. The court has initiated proceedings and appointed three settlement experts to assist in the process. Their task is to find a buyer or buyers for the assets and activities of Euro Shoe Group and oversee the sale of stock to ensure that proceeds are used to pay wages and creditors.
The court has granted Euro Shoe Group protection from creditors until September 7th, allowing time for the transfer of all or part of its activities under judicial authority. This move is aimed at maximizing employment retention through the procedure.
