Paris department store BHV receives bankruptcy protection

BHV Marais, a Paris department store, has been granted bankruptcy protection to secure its operations and jobs amid financial struggles and controversy over a partnership with Shein. The Paris court initiated administrative proceedings for a potential restructuring, allowing a six-month observation period. The store, which has been a fixture in Paris for 170 years and employs 700 people, will remain open during this process. The previous ownership faced issues with brand departures due to payment delays and backlash against hosting Shein's store. The new management is working to finalize discussions with the property owner, Brookfield, regarding financial matters.