All art is to allow more freedom in the leader with precisionOf course all the bankers have not faultedLack of qualificationSo far the road is still long Its domain is going to fail but it does not reactHence the regular polemics on the subjectThe use of the Internet is of course freeA first intended travel to boost relations between the France and the Mexico000 sales of Mini III as early as 2007 iIt should be so for the sharing of profitsThe problem is that in this case is matter of dosage"We have moved from a development to the management of crisis management." The President of the Executive Board of group Flo, Dominique Giraudier, recognizes stark, the commercial catering company large breweries in Paris, chains fossil, Bistro Romain, Maître Kanter and Tablapizza changed its time with the reversal of its market. In the aftermath of the publication of accounts 2008, marked by a net loss of 38.4 million euros ("Les Echos" of March 6 and 7), the latter even unveiled Friday a strict anti-crisis plan.
The group, whose strategy was based in recent years on the establishment of "a platform" concepts and brands, and reviews its ambitions with the programmed disappearance of Bistro Romain, chain acquired in May 2000 for 71.6 million. After you have already closed six of its facilities in 2008, management decided to stop its development, and committed a "comprehensive study" which should result in two to three years, by the removal of the sign. Two options to combine are considered to 30 restaurants still in operation (plus 4 free): on the one hand, the passage in one of the other signs of the group, "including" fossil and Tablapizza, considered as "strong and potential marks"; on the other hand, the sale of sites which are not kept. The company is already approached by some operators, including Pizza Pino. Ultimately, Dominique Giraudier wants to reach zero closing.
Development
The brand has been deprecated to 100 in the 2008 accounts, or a net impact of 46.2 million, which adds an exceptional amortization of tangible capital assets of the restaurants still operating at a net cost of 2.8 million. Excluding the effect of Bistro Romain, the net result of group Flo would have been beneficial to 10.4 million. Another element in the degradation of the results: the revision of the system of exemption from social charges has had a negative impact of 10 million on operating income.
While concentrating, restoration group harms also its development with 15 openings planned this year, including 10 free compared to 17 in 2008, including 7 free and optimize its cost structures to adapt to the decrease of activity, but also to some "spikes", including the weekend. As in 2008, the number of positions equivalent full-time (5.700 for staff at the end of 2008 restaurants) should be reduced by 15 this year, with the replacement of the departures and the transformation of full-time positions in part-time jobs which, ultimately, the part should move from 10 to 30.
In addition, the company launched commercial initiatives to stem a decline of persistent activity: on a comparable basis, it is still of the order of 6 to 7 on the first two months of the year. However, "the company continues to be profitable," provides Dominique Giraudier. Group Flo should return to profit in 2009.
Finally, this adaptation to the crisis comes to a governance project, if approved by shareholders, the adoption of his plan with Board of Directors. In this context, the current President of the Executive Board is called upon to become Director-General and administrator.
