French Retail Tycoon Michel Ohayon’s Business Empire Crumbles Amid Debt Crisis

A successful businessman, Michel Ohayon is almost powerless to witness the collapse of his empire. From "savior of declining brands" in 2018, he has become a businessman concerned about stability. That year, the man ranked 104th on the Challenges magazine’s list of France’s wealthiest, with a patrimony of 1.1 billion euros, had bought La Grande Récré, Camaïeu, Go Sport, Gap and Galeries Lafayette.

Today, his groups are unable to pay their debts. As a result, Camaïeu was liquidated in September 2022. Since January, La Grande Récré, the Trianon Palace and the Grand Hôtel de Bordeaux are under the protection of the Bordeaux Commercial Court, reports RMC. Go Sport is in receivership. On Friday, Galeries Lafayette are also placed in receivership. Gap and Café Legal will not escape it either. The real estate empire of the self-taught sexagenarian is thus collapsing to the great dismay of thousands of employees.