PARIS — Printemps had no comment Wednesday on reports that unions would appeal a court decision that rejected their bid to suspend a sale of the French department store operator to a Qatari-based investment fund.
According to one source, while an appeal can be heard, decisions in such cases are rarely overturned.
Earlier this month, the Tribunal de Grande Instance de Paris rejected a motion by unions to block Qatari-backed investment fund Divine Investments SA, or Disa, which had completed its acquisition of Printemps after receiving the green light from France’s Competition Authority.
Unions said they feared 226 sales staff could lose their jobs if a reorganization project for its Boulevard Haussmann flagship went through. As reported, Printemps management said the Qatari investors pledged not to cut any jobs for two years.
Unions had earlier said they would not appeal the decision, preferring to focus instead on a separate probe launched by the Paris prosecutor’s office into the financial aspects of the sale, including any commissions paid.