Closures and lay-offs for France Loisirs

The France Loisirs book club and its four service subsidiaries will close 36 of its 200 retail outlets and lay off 450 of its 1,350 staff in France.

Last December, the Paris Commercial Court placed the club, a subsidiary of the Actissia group, in receivership and gave it six months to find a new partner or raise fresh cash.

Only recently has a possible partner arrived on the scene, Actissia chairman and c.e.o. Adrian Diaconu said. He did not identify the company, but said it was active on the internet and in the arts and the media spheres. He hopes to conclude the deal in the next four to six weeks, he told The Bookseller.

France Loisirs’ sales have almost halved in the past five years, and fell to €187m in 2017 from €214m in 2016.