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Galeries Lafayette CEO says coronavirus crisis could halve 2020 revenue

PARIS (Reuters) - French high-end department store chain Galeries Lafayette, which expects the coronavirus pandemic to halve its revenue this year, fears foreign tourist flows may not be back to pre-crisis levels before 2024, its chief executive said on Friday.

“This year our revenue will be cut in half. 2020 will be difficult, 2021 also. We should return to break-even in 2022,” CEO Nicolas Houze told BFM Business radio.

Retailers, and notably those who depend heavily on tourists, have been hit hard by government-enforced lockdowns to curb the virus and restrictions on international travel.

Reporting by Dominique Vidalon; editing by Jason Neely

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