THE WHAT? L’Occitane has announced that it has successfully completed the restructuring of its US lease portfolio, having received approval of its Plan of Reorganization from the US Bankruptcy Court.
THE DETAILS As August came to a close, the French beauty firm emerged from the Chapter 11 process with an optimized store footprint comprising 133 L’Occitane en Provence boutiques. The plan allows for full recovery on the allowed claims of all creditors.
THE WHY? Following pandemic-related store closures, the brand declared bankruptcy in January as a means of reducing its store footprint to reflect its greater reliance on digital channels. Yann Tanini, Managing Director of L’Occitane North America, reveals, “Today’s achievement is an exciting and important step for the continued success of the iconic L’Occitane en Provence brand in the US. With our boutique footprint now right-sized, we are in a strong position to continue delivering the extraordinary L’Occitane beauty experience and one-of-a-kind products that our customers know and love. We thank our employees, customers, suppliers, and landlords for their support, collaboration, and trust, enabling us to move through this process efficiently and reach this positive outcome.”