Galeries Lafayette Franchises to enter safeguard procedure, not receivership

What: Contrary to what was previously reported, the 26 Galeries Lafayette franchises owned by Hermione People & Brands will be placed under safeguard proceedings. 

Why it is important: The ‘safeguard’ status will allow Hermione People & Brands to negotiate a restructuring plan under the court’s direction. HPB's owner declared the business is healthy.