Fast Retailing Says French Court Begins Hearing Judicial Recovery Proceedings

MT Newswires Live

Jul 02

Fast Retailing (TYO:9983, HKG:6288) said a court in France began hearing the judicial recovery proceedings filed by its local unit, according to a Hong Kong bourse filing Wednesday.

Shares fell over 1% in morning trade Wednesday.

Fast Retailing France filed the proceedings with the Paris Commercial Court in June to implement business structural reforms, including the downsizing of operations.

The unit operates the Comptoir des Cotonniers and Princesse tam.tam businesses and is looking to consolidate its store network through the process.

The procedure is stipulated in French law and applies to businesses going through a downturn but who have a path to recovery.

Fast Retailing said it expects the matter to have no material impact on its consolidated operating profit.

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