Illustration of Duralex glasses.
Richard Drew / AP / SIPA
Another blow for Duralex.
The glassworks, famous for its tempered glass tableware sold all over the world, has been placed in receivership by the commercial court of Orleans (Loiret).
The decision was endorsed Wednesday by the judges of the commercial court and accompanied by a six-month observation period.
“The debts of the company on the day of the opening of the procedure are frozen.
(…) At the end of the inventory of all the receivables by the legal representatives, the company will be able to propose a recovery plan by continuation ”, specified the management in a letter addressed to the staff.
As for the 248 employees, they are not immediately impacted, assured President Antoine Ioannidès.
"They continue to work and to be paid," he insisted.
Difficulties aggravated by the health crisis
The company, based in La Chapelle-Saint-Mesmin (Loiret), suffers from major cash flow problems, after having sharply reduced its production for more than a year following an incident related to the replacement of its furnace in 2017.
To this deteriorated situation were added the vagaries of the health crisis, according to Antoine Ioannidès.
"We have lost about 60% of our turnover due to the cessation of exports, which represent 80% of our activity", regretted the CEO.
Several potential buyers
The boss ensures that several potential buyers have already come forward.
"With the help (…) of the Orléans commercial court, we will continue negotiations with the various buyers," he said.
In 2008, the company, then in the hands of a Turkish businessman, was forced into liquidation, before being taken over at the bar of the commercial court by the current management team.
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The Commercial Court