PARIS, France (CelebrityAccess) — Comexposium, one of the world’s largest public events organizers, is seeking bankruptcy protection from French courts for several of its holding companies, citing COVID-19.
Comexposium, the largest events producer in France, produces a portfolio of more than 120 business conferences and expos across a range of industries, including food, agriculture, fashion, security, digital, construction, high-tech, optics, and transport.
On Sept. 22nd, the company announced that three of its holding companies voluntarily entered a “procédure de sauvegarde” with the Commercial Court of Nanterre, allowing them to freeze their debts and reorganize their liabilities.
According to French news service Les Echo, Comexposium saw its turnover decline from €440 million in 2019 to just €80 million this year.
“This difficult period requires us to be agile and innovative. Meeting in person is the quickest and strongest way to build relationships. I strongly believe in the importance of face-to-face events, and I am confident events will come back. Further, it is clear that digital and multi-channelled approaches to creating connection are necessary, and we will continue to develop in this area. The future is being written now, and when this crisis is over, we want to be at the forefront of our industry in bringing people together,” said Renaud Hamaide, Chairman of Comexposium.