Source Title: the U.S. branch of o’shudan filed for bankruptcy, netizen soul asked: so can we reduce the price?
In January 26th, the US branch of the French skincare brand L’OCCITANE (L’OCCITANE) applied for eleventh chapter bankruptcy protection to the bankruptcy court in the United States, with a view to reducing the leasing obligations that COVID-19 has become increasingly difficult to undertake. Yann tanini, regional general manager of o’shudan, said in court documents that as of the application date, the company’s lease arrears exceeded $15 million, and the landlord held more than $500000 of deposit.
Ou Shudan had tried to renegotiate the lease terms with the landlord, so as to achieve out of court restructuring. But tanini said: “landlords refuse to discuss long-term adjustments to lease terms and are reluctant to offer enough concessions to maintain the viability of the company. &As a result, the U.S. branch of o’shudan plans to close 23 stores and expects to exempt them from lease agreements.
The relevant person in charge of o’shudan told China Business Daily that the measures taken by the U.S. branch of o’shudan will not have any impact on its parent company, other global markets and other brands of the group. In the future, o’shudan will continue to dig deep into the Chinese market.