French court rejects Virgin France takeover bids
June 11 , 2013
A Paris court has rejected two takeover bids for books and music retailer Virgin Megastore France, which filed for insolvency in January.
Monday’s ruling dismissed proposals by clothing group Vivarte and specialist retailer Cultura.
"None of the offers were satisfactory from either a financial or employee point of view," according to a staff union representative.
Virgin Megastore has a workforce of 960 people in France. Its majority is owned by private equity group Butler Capital while media group Lagardere holds a 20 percent stake.
In France, bankruptcy proceedings see a court-appointed administrator examine a company's finances to decide whether it is financially viable. If not, it is either sold as part of a court-approved takeover bid or liquidated.