Pierre Vacances bankruptcy avoided indicators up again
Magazin • 4.8.2022 • 13806
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Pierre & Vacances: bankruptcy avoided, indicators up again
4.8.2022
Amsterdam. Performance indicators are back in the green for Pierre & Vacances. The French Group which narrowly escaped bankruptcy recently got approval from shareholders and creditors to complete its restructuring plan. This includes the completion of Center Parcs renovations across Europe.
Paris. Pierre & Vacances-Center Parcs has revised its current operating profit target for 2023 downwards, citing postponements of real estate programmes, greater selectivity in its development projects, and rising costs and salaries. Together with its investors, the European leader in leisure residences has given itself 12 to 24 months to reach the objectives of its "Reinvention 2025" strategic plan.
Paris. It is a big plan to survive, abrupt in its reorientation and associated with many new debts: Franck Gervais, the new CEO of the Pierre & Vacances Center Parcs Group, created a 5-year plan focusing on a new and reinvented local tourism that is more sustainable and 100% experience-based. The preferred target group: Millennials' families. Currently, he is protecting cash flow, reinventing the group's strategy and welcoming new co-shareholders.