Belgian Holding Owes 7 Million Euros: Unveiling the Collapse of Casa France

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Depleted inventory, potential loss of brand operations, and a financial extraction of nearly 7 million euros by its holding company during a crisis… Casa France, with its rapidly declining revenue, couldn’t withstand the bankruptcy of its Belgian parent company.

The end has come for Casa. Following recent closures of Jennyfer and Kaporal, another iconic French retail brand is set to close its doors. The commercial court of Bobigny will declare the company’s liquidation on June 27: none of the nine acquisition bids received on Wednesday, June 11, were deemed acceptable. “These offers were merely aimed at acquiring a few commercial leases and at most 25 employees, thus they were not acceptable,” a source close to the case explained. The news isn’t shocking: since the sudden collapse of its Belgian parent company three months ago, few envisioned a successful outcome for the French operation.

“There were significant cash flow problems”

The struggles of Casa France aren’t new and date back before the downfall of its holding company. The furniture and decor market has been in a crisis for the past five years, influenced by three major factors. First, the French over-equipped their homes during the Covid-19 lockdowns. Subsequently, a purchasing power crisis has dampened sales in a sector where many purchases—like sofas and nightstands—can be postponed for a year or two. Finally, ultra-low-cost players like Temu have weakened mid-range positioned players. Maisons du Monde, which reported a net loss of 115 million euros in 2024, is one example. The liquidation of the Habitat brand is another.

Casa France, caught in a tough spot neither being high-end nor ultra-accessible, has been particularly hard hit. Its revenue plummeted from 104 million euros in 2022 to 67 million in 2024. By 2024, nine unprofitable stores had already been closed, facing losses close to a million.

“There were indeed loss-making stores, but the company was not on its last legs,” the source close to the case clarified. However, the troubles of Casa Belgium—the European brand’s parent company—have blown up the operational model for the French branch. “There were significant cash flow problems, with Belgium holding a 7 million euro debt to the French subsidiary,” the source added.

Stripped of the Casa brand

A transition manager specializing in corporate restructuring, Paul-Henri Cécillon (head of Phinancia), had been appointed to lead the French company in mid-February, just weeks before the crash of the Belgian parent. He attempted to negotiate with the Belgian liquidators the possibility of continuing to operate under the Casa brand (which the French subsidiary does not own), even if it meant paying royalties. However, this was unsuccessful. Deprived of its logistical and IT framework, and soon even the ability to operate under the Casa brand, Casa France was immediately placed into judicial reorganization. “The stores had no prospect of renewing their inventory,” the same source noted. All European branches of Casa are likely to face the same fate, except perhaps Italy.

Nearly 600 permanent employees and about a hundred temporary workers are affected by the liquidation. Their layoffs might be financed thanks to an additional 12 million euros in cash generated during the judicial reorganization period, where successful stock clearance operations were organized. The remaining inventory might even attract interest. The ruthless stock clearance company Noz, which has already announced the acquisition of 4.5 million items from Casa Belgium, is expected to be in line.