Orsay GmbH, a subsidiary of the French Mulliez Group, has received government support of 33 million euros. The money comes from the Economic Stabilization Fund (WSF), which the government introduced during the corona pandemic.
The Federal Ministry of Economics lists the Baden-Württemberg textile company as a recipient of the WSF, as reported by “WirtschaftsWoche”. The list shows that Orsay will receive 33 million.
With a total volume of up to 600 billion euros, the WSF is to provide companies across all sectors with stabilization measures to strengthen their capital base and overcome liquidity bottlenecks due to the corona pandemic, explains the Federal Ministry for Economic Affairs and Energy.
The fund is aimed at companies in the real economy, the existence of which would have a significant impact on the business location or the labor market in Germany.
In addition to Orsay, companies such as Galeria Karstadt Kaufhof or Lufthansa have already received this state support.
Orsay GmbH has not disclosed current business figures. The company published its last sales figures for 2019. At that time, Orsay generated sales of 373.15 million euros. In 2018 it was 348.82 million euros. In July 2020 it was announced that Orsay will close all Swiss branches without prior notice.
Orsay was founded in 1975 in Willstätt, Baden-Württemberg. The company operates 740 shops in 34 countries and employs 5100 people. Orsay runs the majority of its branches itself, some are also operated by franchise partners.
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