Blog: Belvédère in the red
Olly Wehring | 11 August 2009
Did you think your company was having a rough time in the economic downturn? Well, take a look at France's Belvédère.
Belvédère has reported a drop in 2009 half-year sales, an increase in net debt for 2008 and net losses, not to mention against a backdrop of a bankruptcy protection order.
As French business newspaper La Tribune put it, "the sky is falling in" on Belvédère - or at least, it is threatening to.
The next few months will be crucial for the group as it attempts reach agreement with major creditors over debt repayments. A court hearing is set for September.
On the face of it, sales have been relatively mixed in the first six months of 2009. Around half of the decline was due to an unfavourable euro exchange rate with the Polish zloty, said the firm.
Demand for flagship vodka Sobieski rose strongly in the US during the period.
All is not lost, then, but the road to recovery is littered with pitfalls.
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