Two potential buyers for struggling Filigranes bookstore

Two candidates have submitted bids to take over the troubled Filigranes bookstore chain, which has been beleaguered by financial woes and accusations of a toxic work environment.

The two offers are “serious in terms of valuation and takeover of staff,” said Emmanuelle Bouillon of the Brussels Enterprise Court, adding that “the idea is to complete the transfer before 1 December”.

The first candidate is Belgian businessman Mehmet Sandurac, known for the concept store Mayfair. The second consists of four Belgian investors, including Michel Culot (with strong ties to the book world) and Denis Knoops, former chief executive of Delhaize Belgium and chairman of finance for invest.brussels.

With two serious offers on the table, founder Marc Filipson announced he is withdrawing from the company.

“The future of Filigranes is assured and I can rest assured,” said Filipson.

“Each potential buyer has his or her own qualities, and whoever is chosen, with the help of the Filigranes teams, I am certain that they will take great pleasure in ensuring the future of (the bookshops).”

Filipson was at the centre of a formal investigation into allegations of harassment of employees and a toxic work culture. He ceded management of the stores to Véronique Croisé in the aftermath, but has until now remained with the company.

For the 45 staff members of the French-language bookstore chain, the potential offers are a glimmer of hope after months of uncertainty. The employees were also able to speak at the court hearing regarding the offer.

One of the conditions of sale, which involves branches in Ixelles, the European Quarter and in Knokke, is that the brand name Filigranes remains.

Intell, the company operating the bookshops, initiated a procedure of transfer under judicial authority back in September, with debts at the time estimated to be between €1.5 million and €2 million.