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By
Reuters
Published
Mar 21, 2014
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Labour unions reject La Redoute-Kering deal

By
Reuters
Published
Mar 21, 2014

LILLE, France - The future of La Redoute, the loss-making mail order business of French luxury group Kering appeared to be thrown into doubt on Friday after a labour union said a restructuring plan had been rejected by all three unions involved.

Photo: AFP

The CGT union said neither it nor the two other unions, the CFDT and Sud, had agreed to back the proposals by the deadline of 1300 GMT on Friday set by the creators of the deal.

In December, Kering reached a deal to sell La Redoute for a symbolic 1 euro ($1.38) to La Redoute's chief executive Nathalie Balla and Eric Courteille, chief administrative officer of Redcats, La Redoute's immediate parent.

Finalisation of the deal, however, hinged on unions' approving the terms of the restructuring plan, in particular staff severance compensations.



$1 = 0.7255 Euros

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