Belgian hypermarket chain Cora has received another capital injection from parent company Louis Delhaize Group, to the tune of thirty million euros. Despite this, its future looks uncertain: potential buyers reportedly mainly interested in real estate.
Open on Sundays?
Director Olivier Haller has confirmed the injection to Belgian newspaper L’Echo. “We are busy adapting our strategy in light of recent developments, including the new government agreement”, he said. It is understood that he referred to the possibility of Sunday openings, which is a hot topic in Belgium since the accession of the country’s new government. However, the chain is also seeking growth in an increased cooperation with fashion discounter Kiabi and is reducing food waste with a new tool from Too Good To Go.
Cora is fighting for its survival in anticipation of a possible takeover. Its parent company has already sold all its other activities: Colruyt Group acquired Delitraiteur, Match and Smatch, Delhaize was finally united with the chain Louis Delhaize, Carrefour bought the Romanian and the French activities of Cora and Match, while E.Leclerc took over Cora Luxembourg.
Management has assured its 2,000 employees that bankruptcy is out of the question and that the company is looking for buyers. Unions say that visitors regularly show up at the stores to get a feel for the assets, but talks with candidates are said to focus on the potential of the real estate, which could be split up into smaller units – which would effectively mean the end of Cora.
