After a procedure of three months, about a quarter of the 215 jobs at the Hasselt furniture maker Recor have been saved. Recor NV, part of the Limburg furniture maker Recor Group, applied for protection against its creditors in April, after the corona crisis had mowed away the turnover. The Hasselt company court granted the company a four-month payment delay and started the WCO procedure (the law for the continuity of the company).
The branch of the company that makes and sells seating furniture to retail customers was saved thanks to the takeover of Charles and Adrien Corthouts, the grandsons of René Corthouts, who founded Recor in 1949. The production of the seating furniture moves to the Recor Bedding site in Genk. , where Charles was already managing director. He takes charge of the production, his brother Adrien takes care of the sales and the commercial side.
Both have been with the group for about four years and are the third generation to head the family business. 31 people are active in the production branch of the seating furniture, but the takeover also saves 17 indirect jobs.
We have had lengthy discussions with serious candidates who had the capital for a takeover.
There is bad news for the 160 to 170 other employees of Recor NV, because no buyers were found for the furniture branch. “We had long-term conversations with serious candidates who had the capital for an acquisition,” said Peter Sarasyn, CEO of Recor Group. Ultimately, no one took the plunge, so the company court was advised to stop the WCO procedure. A curator is appointed for guidance, but the company assumes that the employees have lost their jobs.
This also has consequences for the customers of Recor NV. Recor has no shops of its own, but sells its products in around 100 furniture stores in Belgium, the Netherlands, Luxembourg and France. “We hope to complete the existing orders,” said Thomas Dujardin, Recor Group’s marketing and communications director. “This way, we can use up our stock and provide temporary work in consultation with the staff and unions.”