Euro Shoe Group granted creditor protection, opening path for search of Bristol buyer

The Antwerp corporate court’s Hasselt department initiated proceedings on Friday for the judicial reorganization of Euro Shoe Group, which operates 117 Bristol shoe stores in Belgium. The company has been granted protection from creditors until September 7. The purpose of this procedure is to transfer, under judicial authority, all or part of the company’s activities, as stated by the court.

The court has appointed three settlement experts whose responsibility is to identify potential buyers for all or parts of the assets and activities. They will oversee the sale of stock and ensure that proceeds are used to pay wages and creditors. Euro Shoe Group had requested a judicial reorganization at the corporate court in Hasselt in hopes of maximizing employment retention, the company stated last week.

Founded in 1925, Euro Shoe Group is a family business that has been facing crisis for years. Challenges include store closures during the COVID-19 pandemic, as well as increasing rent and energy costs. Although there was a glimmer of hope in 2022 with the first operational profit in years, the company’s struggles returned in autumn of 2023. The company employs around 170 people at its headquarters and warehouse in Beringen, and the stores are operated by independent individuals.