Battered by the coronavirus pandemic, Alès Groupe
, the French beauty product maker whose brands include Phyto
, has entered into administration proceedings. In a statement, the family-owned group said on July 6 it requested to enter administration in Paris’ commercial court, which approved the measure three days later. Alès Groupe’s operational subsidiaries are not involved.
The company is facing severe liquidity issues. Last month, when Alés announced its financial results for 2019, the compay had a cash balance of about $16.7 million and debt of nearly $110 million at current exchange rates.