Fnac on the Champs-Elysées, “heavily in deficit”, will close at the end of the year

“The plan to close the store at the end of this year 2024 is the only economically reasonable and socially responsible decision,” assured the group in a press release to AFP, stressing that this point of sale had been “heavily in deficit for many years".

“Job maintenance” is “100% guaranteed,” he added.

The 101 employees of the store will be offered "a position offer identical to the one occupied, under the same salary conditions, within another Fnac store in Paris (Ternes, Saint-Lazare, Forum des Halles, Montparnasse, Beaugrenelle)" , said the group again.

According to Fnac Darty, the store located at 74 avenue des Champs-Elysées was faced with "multiple difficulties", notably the "generalized increase in fixed charges", starting with the rent, and a drop in sales "due to 'a decreasing use of the area by the brand's natural clientele'.

The group therefore considered the prospects "unfavorable", with "the increasingly marked orientation of the avenue towards luxury retail and international customers".

Fnac Darty came out of the red in 2023 with a net profit of 50 million euros (compared to a loss of 32 million in 2022), on a turnover of 7,87 billion euros (-0,9%). The group says it employs 25.000 people in just over a thousand stores, located in a dozen countries.