Paprika's second bankruptcy — a fund restart that never solved the underlying problem

Paprika is a Belgian women's fashion chain that long traded as Cassis & Paprika. In 2024 it went through a first, "silent" bankruptcy, closing 23 of its Belgian stores and costing 118 jobs; its Dutch and further Belgian sites were trimmed too. Luxembourg investment fund Futura Capital Fund bought the group and relaunched it as CPBE with 37 Belgian stores and 189 employees.

The restart did not fix the underlying weakness. Through 2026 the chain kept shrinking: it closed its Dutch stores in February, then stopped its German activities, and 9 more Belgian stores were cut with 67 jobs. CPBE was placed under judicial protection (gerechtelijke reorganisatieprocedure) at the Walloon Brabant enterprise court on 5 March.

When the protection term expired on 26 June, no buyer had come forward. The enterprise court declared CPBE bankrupt on 9 July 2026. The remaining 30 Belgian stores closed, costing 151 jobs — 122 store staff and 29 at headquarters. The chain still lists 4 Luxembourg and 13 France locations on its website, but its home market is gone.